TORM’s profit down 21% in 2006

TORM’s profit down 21% in 2006 Danish tanker shipping group A/S Dampskibsselskabet TORM today reported net income of $235 million in 2006, down 21.4 percent from $299 million in the previous year.
   Operating income for the year dropped 20.1 percent to $242 million, from $303 million a year ago. Revenue improved 3.1 percent to $604 million from $586 million in 2005.
   “As expected, we were unable in 2006 to match last year’s all-time record result. But seen in the context of the markets in which we operate, the result is highly satisfactory,” said Klaus Kj'rulff, TORM’s chief executive officer in a statement.
   “In the past year, freight rates were once again volatile, particularly in bulk where, pleasingly, the market started to firm considerably at mid-year, contrary to our and most industry observers’ expectations.”
   Looking forwards, TORM expects a pre-tax profit of $135 million to $155 million in 2007.