Wilhelmsen posts $240.8m operating profit

The Wilh Wilhelmsen group posted an operating profit of $240.8 million (Dh884m) for 2009, compared to $351.6 million in 2008. Total income amounted to $2 572.6m.

"2009 was an extra-ordinary year, especially in our shipping segment," said Ingar Skaug, Group CEO at Wilh Wilhelmsen.

"While Eukor Car Carriers and American Roll-on Roll-off Carrier delivered solid results, Wallenius Wilhelmsen Logistics (WWL) experienced a substantial drop in volumes and unfavourable changes in cargo composition and trades."

"However, the last two quarters of 2009 showed signs of recovery," said Skaug. The Q4 operating profit totalled $78.3m and the total income was $727.7m, up from $47.8m and $604.9m respectively in the third quarter.

"The improvement in demand for ocean transportation in WWL is still weaker than we would like to see, but we have taken three vessels out of layup and see this as a sign of the market gradually picking up. We experienced a continued rebound in cargo volumes, primarily cars, equivalent with a 25 per cent increase in cubic metres from the third to the fourth quarter," said Skaug.

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