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Results down for Wilhelmsen

November 11 - Wilh. Wilhelmsen Holding (WWH) has reported a decrease in total income and operating profit compared with the previous quarter. During the quarter, the group made significant steps towards restructuring its shipping, logistics and maritime s

WWH delivered a total income of USD656 million, while operating profit came in at USD62 million in the third quarter. Total income and operating profit were down from previous quarter, 8 percent and 19 percent, respectively.

"A drop in shipped volumes was mainly caused by seasonality and strikes in South Korea, which impacted shipping revenues, while the logistics performance was stable," says Thomas Wilhelmsen, group ceo at WWH.

On September 5, Wilhelmsen signed a letter of intent with Rederi AB Soya and Wallenius Lines to establish a new ownership structure for their jointly owned investments. Upon completion, the plan is for WWH to own approximately 40 percent of the new entity, to be named Wallenius Wilhelmsen Logistics ASA and based on the existing listing of Wilh. Wilhelmsen ASA

"Changing market dynamics and pressure on margins enforce a fundamental change in how we manage our joint ventures, especially within the shipping segment," says Wilhelmsen. For the maritime services segment, operating income was down 4 percent, while operating margin and profit improved. The main factor behind the improvement was reduced expenses related to ongoing sales transactions and restructuring processes. The sale of Callenberg Technology Group to Trident Maritime Systems was finalised in the fourth quarter.

Commenting on the restructuring, Wilhelmsen says: "We are pleased that the sale of Callenberg has been successfully completed. Now we focus on completing the larger safety transaction with the Survitec Group and continue to develop and grow the remaining portfolio within maritime services."

www.wilhelmsen.com

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