Norden sale boosts TORM’s 1st quarter profit

Norden sale boosts TORM’s 1st quarter profit Danish tanker and bulk-shipping operator A/S Dampskibsselskabet TORM, Wednesday reported first quarter net profit in line with its expectations of $674.4 million, which includes a $643.3 million gain from its sale of its shares in Norden.
   TORM’s net profit in the first quarter last year was $57.7 million.
   Operating income in the latest quarter was down 31.8 percent to $45.6 million, from $66.9 million. Revenue was flat at $162 million.
   TORM has maintained its profit forecast for 2007 of from $780 million to $800 million, not including transaction and restructuring costs related to the planned acquisition of Stamford, Conn.-based OMI Corp., which it entered into in collaboration with Teekay Shipping Corp. in April.