Wilh. Wilhelmsen ASA posts results for the second quarter 2017
Norway-based maritime industry group Wilh. Wilhelmsen Holding ASA suffered a net loss of USD 49 million in the second quarter of this year, compared to a net income of USD 23 million posted a quarter earlier.
However, the group’s operating profit improved in the second quarter to USD 206 million from USD 0 million seen in the first quarter 2017, supported by increased activities in maritime services.
The group delivered a total income of USD 344 million in second quarter. Adjusted for a non-recurring accounting gain the total income was USD 146 million, up 5% from the previous quarter.
Significant structural activities took place the second quarter:
Wilh. Wilhelmsen ASA and Wallroll AB merger was finalised, and Wallenius Wilhelmsen Logistics ASA listed on the Oslo Stock Exchange in April. Wilhelmsen has a 37.8% share of the new entity.
With effect from 1 April, the group also took over Kemetyl’s sales and marketing activities for consumer products in Norway.
The group announced an intention to buy the technical solutions business from Drew Marine. The final agreement is subject regulatory approval.
In May, the group announced an intent to buy an additional 32% of the shares in the NorSea Group.
“The first half was hectic with a broad range of activities,” notes Mr Wilhelmsen, and says that the group will continue to look for interesting opportunities to develop the group further.
The annual general meeting held 27 April 2017 approved a dividend of NOK 3.50 per share to be paid on 11 May. The general meeting also authorised the board to declare further dividend of up to NOK 2.50 per share.
The board expects the general business environment to remain soft, affecting most group activities and performance. Structural changes and performance improvement will continue to support an improvement in operating margin of main activities.
Due to substantial structural changes, the group will communicate a new financial calendar no later than the fourth quarter.
Wilhelmsen is a global maritime industry group founded in 1861. We have the biggest maritime network in the world, with a presence in over 2 200 locations globally. Wilhelmsen serves over half of the worldwide merchant fleet with products and services, and supply crew and technical management for some of the most complex vessels in the world. Wilhelmsen also develops new and daring solutions, shaping the maritime industry for the future. Wilhelmsen investments seek to explore and develop new opportunities within the energy-, offshore- and maritime industry.