August 7 - A seasonal improvement in sea freight volumes during the second quarter of 2014 saw Wilh. Wilhelmsen Holding's (WWH) revenue grow 6 percent year-on-year to USD965 million.
WWH delivered an operating profit of USD80 million during the quarter, down from USD106 million in the second quarter of 2013. It attributed the slump to restructuring costs within the group amounting to USD22 million. However, this was partially offset by the Wilhelmsen Maritime Services division, which saw a sales gain of USD4 million.
Adjusted for non-recurring items, the operating profit was up 29 percent year on year, reports WWH.
"Our shipping segment saw positive volume development in all trades compared with a seasonally weak first quarter," says Thomas Wilhelmsen, group ceo of WWH, "Despite reduced activity for some of the US based entities, the contribution from our logistics segment also improved quarter on quarter."
Although some niches are improving, the total shipping market is still weak, affecting newbuilding orders and owners' purchasing patterns, he added.
WWH forecasts that the group's underlying performance in the third quarter will be in line with the second quarter adjusted, for seasonality. "The third quarter is seasonally weaker for our shipping and logistics activities. Combined with positive, but slow growth for our maritime services segment, we expect the group's performance to be on par with the second quarter," said Wilhelmsen.