Wilhelmsen blames loss on tax charge

Wilhelmsen blames loss on tax charge    Wilh. Wilhelmsen Holding ASA group said its third quarter results were “heavily affected by a $83 million tax charge following a ejection of application for Norwegian tonnage taxation.'
   The roll-on/roll-off carrier said it had a net loss of $27.8 million compared to net profit of $30.1 million in the third quarter of 2009. However its operating profit increased to $74.3 million, from $47.8 million for the same period last year. Total income came to $714.1 million compared with $604.9 million in 2009.
   “Overall shipping volumes increased 27 percent year-over-year. We see the positive development from the second quarter of 2010 continue into the third quarter,' said Thomas Wilhelmsen, group chief executive officer. 'While volumes are slightly down due to seasonality, the relative share of high and heavy cargo is increasing, giving us improved cargo mix and significant increase in operating profit and total income.
   “We expect continued overall growth in cargo volumes for our shipping and logistics activities in the fourth quarter, followed by a seasonal downturn into the early parts of 2011,” he said.