TORM’s 3rd quarter profit flat

TORMÆs 3rd quarter profit flat    Danish tanker shipping group A/S Dampskibsselskabet TORM today reported net income of $66.9 million in the third quarter, marginally up from $66.7 million in the same period 2005.
   Operating income for the quarter was up 21.2 percent to $83.4 million, from $68.8 million a year ago. Revenue improved 11.7 percent to $158.9 million from $142.2 million.
   'In the third quarter, the product tanker market was positively affected by speculation that an adverse hurricane season in the USA could drive up freight rates,' TORM said in a statement, adding that 'the bulk market improved as a result of increasing demand for transport of primarily iron ore and coal.'
   After nine months, TORM's net income was down 9.8 percent to $205.4 million, compared to $227.8 million after three quarters 2005. Operating income slipped 8.1 percent to $207.9 million while revenue showed a 13.3 percent improvement to $460.8 million.
   TORM raised its profit forecast range for the full year 2006 to $240-250 million before tax 'despite of a weaker than expected beginning to the fourth quarter.'