Wilh. Wilhelmsen achieves record second quarter profit

Wilh. Wilhelmsen achieves record second quarter profit    Norway-based Wilh. Wilhelmsen, a major shareholder in Wallenius Wilhelmsen Lines, American Roll-on/Roll-off, Eukor, and Unitor, said today that continuing high volumes and rates in the shipping sector helped it achieve a record second quarter net income of $59 million, up 28 percent over the $46 million posted in the same quarter last year.
   Operating profits in the second quarter were up 26 percent to $72 million from $57 million. Revenue rose 13 percent to $511 million from $452 million.
   Wallenius Wilhelmsen Lines, jointly owned with Sweden-based Wallenius, increased its revenues 24 percent for the first half of the year with higher volumes of cars (up 10 percent), high and heavy cargo (up 31 percent), and non containerized cargo (up 31 percent,) Wilh. Wilhelmsen said.
   “The market looks strong for the time to come,” says Ingar Skaug, Wilh. Wilhelmsen’s chief executive officer. “We still have areas where we can do better within operations and in taking advantage of synergies between the companies, as well as with phasing in new and better tonnage,” he added.
   For the year-to-date, Wilh. Wilhelmsen’s net income soared 79 percent to $127 million, compared to $71 million after the first six months 2004. Operating income increased 39 percent to $125 million from $90 million. Revenues were up 13 percent after six months to $986 million from $874 million.