ONE-OFF GAINS BOOST WILH. WILHELMSEN’S NET PROFITS

ONE-OFF GAINS BOOST WILH. WILHELMSEN’S NET PROFITS    Wilh. Wilhelmsen ASA, the 50-percent parent company of Wallenius Wilhelmsen Lines, earned a net income of $54 million in 2002, 95 percent higher than in 2001, largely thanks to one-off gains.
   The annual profit compares to a $28 million net income earned in 2001.
   Group operating profit increased to $79 million last year, from $67 million, and group gross revenue rose to $1.02 billion, from $817 million in 2001.
   The higher profit came largely from the liner and car carriers arm of the group, particularly from one-off sales gains of $27 million on the sale of five roll-on/roll-off ships and the total insurance compensation for another car-carrier.
   However, Wilh. Wilhelmsen said that Wallenius Wilhelmsen Lines’ land-based operations are being restructured, with $8.9 million charged for restructuring costs and write-down of goodwill. In addition, some $3.8 million were charged in the liner and car carrier business for organizational measures and the withdrawal from container transport.
   The company’s liner and car carrying business earned a net income of $51.8 million for 2002, up from $18 million in 2001. Operating income came to $86.1 million, up from $59.8 million the year before. Gross revenue increased to $907 million in 2002, from $674 million.
   “This improvement was achieved despite fairly sharp differences in the development of the liner and car carrier sector in the various trades,” Wilh. Wilhelmsen. The overall trend was positive, with a 6 percent expansion, but ro-ro activities showed a small decline during 2002, primarily reflecting the weak American market. Demand for non-containerizable cargo followed the general decline in world trade.
   Wilh. Wilhelmsen posted a net income of $3 million in 2002 from its Barwil agency business and a net profit of $6 million from Barber International, its ship management service arm.
   During 2002, Wilh. Wilhelmsen and its partner Wallenius Lines acquired the car carrier division of Hyundai Merchant Marine at a total cost of $1.25 billion. Wilh. Wilhelmsen said that the acquisition “represents a substantial investment for the parties involved.”
   Last year, Wallenius Wilhelmsen Lines increased its shareholding in the French logistics company Compagnie d’Affretement et de Transport SA to 40 percent through the acquisition of Renault’s 20 percent interest, for 39.5 million euro (about $43 million).