WALLENIUS WILHELMSEN REPORTS HIGHER REVENUE, PROFITS

WALLENIUS WILHELMSEN REPORTS HIGHER REVENUE, PROFITS    Wilh. Wilhelmsen ASA, the Norwegian shipping group, reported higher revenue and profit figures for the second quarter from its 50-percent-owned liner and car-carrier subsidiary Wallenius Wilhelmsen Lines.
   Gross revenue from liner and car-carrier activities, which comprise mainly those of Wallenius Wilhelmsen Lines, increased to $203 million, from $171 million in the second quarter of 2001.
   Net operating income from the liner/car-carrier business rose to $20 million, from $18 million, and net income improved to $14 million, from $6 million.
   The second-quarter results of this year include a $5.5 million sales gain.
   Wallenius Wilhelmsen Lines experienced a relatively weak start to the year, but results improved during the first half. “This improvement primarily reflected a strong market between Europe/U.S.A. and Australia, as well as increased car volumes from the Far East to Europe,” Wilh. Wilhelmsen said. Shipments of roll-on/roll-off and non-containerizable cargo stayed buoyant and made a positive contribution, the Norwegian parent company said.
   For the first half of the year, the liner/car-carrier business saw revenue increase to $385 million, from $339 million a year before.
   Net operating income amounted to $35 million, up from $33 million, and net income was $20 million, up from $8 million.
   Wallenius and Wilhelmsen are still negotiating with Korea’s Hyundai Merchant Marine on the acquisition of Hyundai’s car transport division.
   “All significant components of an agreement have been settled between the sides, but taxation and financial aspects remain to be clarified before a final contract can be signed,” Wilhelmsen said.
   Wallenius Wilhelmsen Lines has a fleet of about 60 ships. Hyundai’s car transport division currently has a fleet of about 70 vessels.