TORM reports jump in profit

TORM reports jump in profit Danish shipholder TORM said it has better than expected results in the first half of 2007.
   The company, whose shares are listed on Nasdaq, had net profit of $740.4 million in the first half of 2007 compared to $138.5 million in the first half of 2006.
   The big increase in profits was due to financial items, which rose to $635.1 million in the first half of this year compared to $15.6 million in the first half of 2006.
   Net revenue increased to $360.4 million from $298.8 million.
   The company said there was a considerable appreciation on the company’s fleet in the second quarter, including purchase options and TORM’s share of OMI’s fleet.
   TORM purchased the OMI fleet together with Teekay, and the two companies subsequently divided the fleet.