Wilhelmsen’s Income Narrowed in 2017
- Business & Finance
Norway-based maritime industry group Wilh.Wilhelmsen Holding ASA saw a 15 percent reduction in its total income for 2017.
The group’s total income was USD 793 million for the year, down from USD 930 million reported in 2016. The income reflected reduced operating revenue within maritime services, a material net sales gain from reclassification of assets and income from the new supply service segment in the fourth quarter.
Total comprehensive income attributable to owners of parent was USD 11 million in 2017, plunging from USD 263 million in the previous year.
During the twelve months ended December 31, 2017, the company completed structural changes initiated one year earlier, which had material bearing on the reported results, lifting net profit for the quarter.
Wilhelmsen’s total income in the fourth quarter of 2017 was USD 205 million, surging from USD 104 million reported in the third quarter of the year. This was the first quarter with full consolidation of NorSea Group.
Together with increased sales in maritime services, this supported a 42% uplift in operating revenue when compared with the previous quarter.
Total comprehensive income attributable to owners of the parent was USD 16 million in the fourth quarter, down from USD 18 million reported in the previous quarter.
“The group has successfully completed several structural changes creating value for shareholders. Markets are challenging, but Wilhelmsen continues to hold leading positions in main business segments. The group is positioned for future growth, and the board expects to see positive developments in main markets,” Wilhelmsen said.