Strong progress for Wilh. Wilhelmsen 

“The market is strong and volumes are expanding, particularly in Asia,” says group chief executive Ingar Skaug in WW ASA. “That gives our bottom line an extra boost.”
 
Net operating profit for the group in the first quarter was USD 74 million, compared with USD 53 million in the same period of last year.

Total operating income came to USD 622 million as against USD 480 million for the first quarter of 2005. Profit was USD 76 million before taxes, compared with USD 73 million in the same period of last year, and USD 75 million after taxes as against USD 69 million.
 
This performance reflects continued good progress for the transport of cars, high and heavy cargoes and non-containerised cargo in the most important trades. The strategy of achieving greater interaction between WW group companies in the shipping, logistics and maritime services segments is also having an effect.
 
“We can make more efficient use of our fleet as 42 planned newbuildings come into service over the next few years,” says Skaug. “Regular renewal is necessary. “High bunkers costs and charter rates reduced income somewhat, but we are hedged to some extent through good bunkers contracts which help to limit the impact of high bunkers prices.”

WW expects that its net operating profit for 2006, with ordinary financial items, will show an improvement on the year before.

The results given above are taken from the management report, which reflects the WW group’s underlying operations better than the official accounts. The same accounting principles are applied in both management report and official accounts, but the former utilises a different method for consolidating the group’s most important joint ventures. The presentation in the management report reflects proportionately the WW group’s partnership-based ownership structure. It provides more detailed information on total financial results achieved by the group through its various joint ventures.

» Link to report Q1 2006 (English)

» Link to press release Q1 2006 (Norwegian)

» Link to report Q1 2006 (Norwegian)

» Link to presentation Q1 2006 by Sjur Galtung

» Link to presentation Q1 2006 by Ingar Skaug

» Link to presentation Q1 2006 by Dag Schjerven