Leif Hoegh doubles operating profit, restructures business

Leif Hoegh doubles operating profit, restructures business    Leif Hoegh & Co. Ltd. more than doubled its operating profit in 2004 and announced a corporate restructuring that will see its roll-on/roll-off operator HUAL merged into a new company named Hoegh Autoliners.
   Operating profit for 2004 was $106 million up 129 percent over the $46 million posted in 2003. Hoegh said the increase in operating profit was partly due to a 2003 loss from sale of vessels being replaced by a profit in 2004. Freight revenues increased to $828 million from $746 million in 2003.
   As part of the restructuring Leif Hoegh & Co will be a holding company without commercial operation or external visibility. All operating activities will be integrated in two separate entities, Hoegh Autoliners, a fully integrated ro/ro company and natural gas carrier Hoegh LNG. Hoegh Fleet Services will provide ship management for the ro/ro and LNG vessels as before.