Wilh. WilhelmsenÆs 1st-quarter operating profit up 12%
Norway's Wilh. Wilhelmsen, a major shareholder in vehicle carriers Wallenius Wilhelmsen Logistics, American Roll-on Roll-off Carrier and Eukor, today reported first quarter operating profit of $59.9 million, up 12.4 percent from $53.3 million in the same quarter last year.
Operating revenue for the first three months of 2008 rose 33.7 percent to $814.8 million from $609.2 million a year ago.
Operating profit from shipping declined 5.7 percent to $42.7 million despite a 19 percent sales gain to $477.8 million.
“The market for maritime transport of cars and other rolling cargo remained very tight in the first quarter of 2008,” Wilh. Wilhelmsen said in a statement. “Cargo availability was good and fleet utilization very high. Together with bunker cost compensation, these were the main factors driving operating revenue during the quarter. In terms of trades, the main revenue growth drivers during the quarter were Asia-/Europe and Asia/North America. The Europe/Oceania and North America/Europe trades also showed considerable growth.”