Wilhelmsen profit lifted by sale of Hyundai Glovis

   Norway’s Wilh. Wilhelmsen Holding (WWH), a part owner of the roll-on/roll-off carriers Wallenius Wilhelmsen, American Roll-on, Roll-off Carrier, and Eukor, said its profit was lifted by a gain from sale of shares in the logistics company Hyundai Glovis in the third quarter.
   The company reduced its ownership of Glovis from 15 percent to 12.5 percent.
   The company said after-tax profit in the quarter ending Sept. 30 was $166 million, compared to $89 million in the third quarter of 2011.
   Operating profit for the third quarter was $260 million, compared to $175 million in the third quarter of 2011.
   Revenue was $1.1 billion in the quarter, compared to $954 million in the third quarter of 2011.
   Excluding $134 million in sales gains related to Hyundai Glovis and last year’s gain from Qube Logistics, operating profit was $127 million, compared to $105 million in the same 2011 period.
   “The contribution from our shipping investments in Wilh. Wilhelmsen ASA (WWASA) was somewhat down in the third quarter, affected by reduced high and heavy volumes together with decreased Korean car exports due to strikes. Higher logistics volume, however, contributed positively to total income. WWASA remains solidly positioned for further volume growth in cars and high and heavy segments,” said Thomas Wilhelmsen, group chief executive officer of WWH.
   Wilhelmsen Maritime Services’ (WMS) income was 5 percent down from the previous quarter. The drop was due to lower product sales within ship services and reduced demand within the technical solutions business area. Ship management continued to develop positively.
   Thomas Wilhelmsen said WMS has an underlying growth potential. “The growth in the global merchant fleet is expected to continue and we are positioned to increase market penetration and offer new products. A generally weak shipping market, however, impacts owners’ purchasing capabilities and demand for certain maritime products and services. We expect the profit margin short term to remain somewhat below our 9 percent target,” he said.
   WWH acquired 35.4 percent of NorSea Group, a supplier of base and logistic sevices to the Norwegian oil and gas industry in June 2012. WWH’s share of net profit in NorSea Group was $2 million in the third quarter. – Chris Dupin