Strong demand for maritime services and increased cargo volumes contributed to a increase in Q2 profit for the Wilh Wilhelmsen group to US$74.7m, compared with $68.2 in Q2 last year.
"This 33% increase in income stems from a growth in cargo volumes carried by a larger fleet, rising demand for maritime services and higher bunker cost compensation," says Ingar Skaug, group CEO at Wilh. Wilhelmsen. However he adds: “Although our operating profit has improved, the WW group would benefit from a less tight market. The maritime services and logistics segments delivered increased operating profit, but higher operating costs and bunker prices reduced the operating profit in the shipping segment. The operating margin was hurt by a weakened USD and a one-off provision of USD 21.9 million related to a global administration cost reduction programme in Wallenius Wilhelmsen Logistics." Mr Skaup says: "Given bunker prices at the current level during the second half of 2008, we maintain the expectation that the group's operating profit for 2008 will exceed the level achieved in 2007."
"This 33% increase in income stems from a growth in cargo volumes carried by a larger fleet, rising demand for maritime services and higher bunker cost compensation," says Ingar Skaug, group CEO at Wilh. Wilhelmsen. However he adds: “Although our operating profit has improved, the WW group would benefit from a less tight market. The maritime services and logistics segments delivered increased operating profit, but higher operating costs and bunker prices reduced the operating profit in the shipping segment. The operating margin was hurt by a weakened USD and a one-off provision of USD 21.9 million related to a global administration cost reduction programme in Wallenius Wilhelmsen Logistics." Mr Skaup says: "Given bunker prices at the current level during the second half of 2008, we maintain the expectation that the group's operating profit for 2008 will exceed the level achieved in 2007."