Second quarter and first half results for Wilh. Wilhelmsen ASA

2009-08-06 07:59:01 -

London, August , 06, 2009

Significant drop in demand for ocean transportation of cars and ro-ro

cargo impacts second quarter and first half results 2009 for Wilh.

Wilhelmsen ASA.





Total operating profit for  the group amounted  to USD 114.7  million

for the first  half of  2009, down from  USD 134.6  million in  2008.

Total income came to  USD 1 240.0 million  compared with USD  1 714.2

million last year. Group profit before tax and minority interests was

USD 183.8 million, with a profit after tax and minority interests  of

USD 208.8 million.



"Yet another quarter characterised by a continued weak global economy

and a substantial drop  in cargo volumes compared  with last year  is

impacting our operating  income and bottom  line," says Ingar  Skaug,

group CEO  at  Wilh.  Wilhelmsen.  "The  drop  in  cargo  volumes  is

particularly evident for  Wallenius Wilhelmsen  Logistics. Our  other

shipping companies deliver satisfying results."



"Despite lower  activity  level  and  reduced  total  income  in  the

maritime services segment, operating profit is on par with last  year

in Wilhelmsen Maritime Services  following capacity cost  adjustments

and stringent cost control," says Skaug.



Commenting on the group's extended portfolio of activities, Skaug

says: "Our strategy to diversify within the maritime industry proved

to be successful in limiting the negative effects of the economic

downturn."



Total operating profit for the second quarter of 2009 totalled USD

78.3 million as against USD 74.7 million for the same period of 2008.

Total income was USD 633.1 million, compared with USD 894.8 million

in the same period of last year. Profit before taxes and minority

interests came to USD 151.8 million, compared with USD 76.8 million.

On the  prospects for  the group,  Skaug says:  "The slide  in  ocean

transportation of cars  and ro-ro  cargo so  far this  year has  been

greater than the  sales volume  drop, bringing  the global  inventory

levels down. Consequently, there is  reason to expect the  production

decline to approach the trough  and increased probability for  higher

production levels  later  this  year.  This  will  in  turn  lead  to

increased demand for transportation and related services which should

result in higher utilisation of our vessels."



For the second  half of  2009, the WW  ASA board  expects the  global

economic uncertainty and weakness to continue, affecting WW's markets

and the group. The car and ro-ro markets show signs of bottoming out.

The WW  ASA  board expects  a  moderate improvement  in  the  group's

operating profit in the second half  of 2009 compared with the  first

half, however significantly lower than the same period in 2008.




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 hugin.info/177/R/1332897/315762.pdf





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