WILHELMSEN REPORTS SMALL INCREASE IN 3RD-QUARTER PROFITS

WILHELMSEN REPORTS SMALL INCREASE IN 3RD-QUARTER PROFITS    Wilh. Wilhelmsen ASA, the Norwegian company which owns 50 percent of Wallenius Wilhelmsen Lines, reported a net income of $17 million for the third quarter, up from $11 million in the same quarter last year.
   Operating income for the latest quarter was $27 million, as compared with $15 million in the year-earlier period.
   Gross revenue totaled $212 million, compared with $200 million in the third quarter last year.
   Wilh. Wilhelmsen said that its third-quarter results “were a little weaker than in the previous quarter of 2000, but still represent a clear improvement on the same period of last year.”
   The liner and car carrier business of Wallenius Wilhelmsen Lines reported a net income of $5 million for the third quarter, down from $14 million a year earlier. Revenue increased to $178 million, from $173 million. Operating results for Wallenius Wilhelmsen Lines were affected by a declining volume in car shipments from the Far East to Europe, while markets for roll-on/roll-off cargoes and containers remained satisfactory, the Norwegian company said.
   Very high bunker prices had a negative effect of about 15 million Norwegian Krone ($1.6 million) on the quarter’s results.
   Wilh. Wilhelmsen warned that it has a total exposure for “a maximum of 4 to 5 million dollars,” following the suspension of payments of Korean car manufacturer Daewoo Motor Co., a customer of Wallenius Wilhelmsen Lines.
   For the nine months ended Sept. 30, Wilh. Wilhelmsen reported a net income of $32 million, up from $26 million in the corresponding period of 1999. Operating income was $56 million, up from $38 million. Gross revenue rose to $647 million, from $576 million in the first nine months of 1999.
   The Norwegian shipping group said that its future results will depend to a great extent on developments in the markets served by Wallenius Wilhelmsen Lines.