Wilh. Wilhelmsen’s Returns Not at Satisfactory Level
- Business & Finance
Norwegian rolling cargo shipping specialist Wilh. Wilhelmsen Holding (WWH) has seen an increase in total income and operating profit adjusted for non-recurring items compared with a weak start to the year, with all business segments seeing a positive development in underlying operating profit.
WWH delivered a total income of USD 792 million, while the operating profit ended at USD 77 million. When adjusting for a non-recurring gain in the first quarter, total income and operating profit was up 3% and 23% quarter on quarter.
“While the improvement from the first quarter is welcome, the financial returns from group activities are not at a satisfactory level,” Thomas Wilhelmsen, group CEO at WWH said.
Wilh. Wilhelmsen said that increased shipping volumes lifted underlying results in the group’s shipping and logistics segment, while the maritime services segment saw a stable operating income, with operating margin and profit improved.
During the second quarter, Wilhelmsen Maritime Services signed an agreement for its safety activities to join forces with the Survitec Group, with expected implementation in the fourth quarter.
The holding and investment segment of WWH now includes the shareholding in Hyundai Glovis, following a demerger of Den Norske Amerikalinje from Wilh. Wilhelmsen ASA and subsequent listing of Treasure ASA on the Oslo Stock Exchange on 8 June.