Ro-ro/Car Carrier Reports Postive Earnings

 Ro-ro/Car Carrier Reports Postive Earnings

Continued increases in shipments of automobiles and roll-on, roll-off cargo, plus higher capacity utilization of ships, have boosted operating profit for the Oslo-based major pure play car/ro-ro and logistics company.

Wilh. Wilhelmsen ASA, also known as WWASA, is a newly incorporated company created in March during the restructuring of parent holding company Wilh. Wilhelmsen Group, which has been renamed Wilh. Wilhelmsen Holding ASA.

Pre-tax profit for WWASA exceeded US$76 million during the first half of 2010, up from US$ 73 million in 2009. Revenue topped US$920 million at mid-year, compared with US$800.7 million last year, a 15 percent improvement.

For the second quarter of 2010, pre-tax profit totalled US$54 million, compared with US$ 57.8 million for the same period of 2009. Revenue topped US$501.1 million, compared with US$416.8 million during the same period of last year. Net loss before taxes and minority interests came to US$18.8 million on the quarter, compared with a profit of US$ 131.5 million.

“The major drivers are 32 percent increase in volumes year on year, with growth in all trades as well as higher capacity utilization,” said Jan Eyvin Wang, president and chief executive at WWASA.

Wallenius Wilhelmsen Logistics, known as WWL, posted the largest increase among WWASA’s operating companies. During the second quarter, all trades recorded higher volumes except Oceania. The bulk of the volume increase related to cars, but ro-ro cargo volumes also rose compared with the previous quarter