WWASA: Second quarter results for 2012
Further growth led to record high total income and
operating profit for Wilh. Wilhelmsen ASA (WWASA) in
the second quarter of 2012. "We are cautiously
optimistic about the second half of the year," says
Jan Eyvin Wang, president and CEO WWASA.
Wilh. Wilhelmsen ASA delivered an operating profit of
USD 117 million in the second quarter of 2012, up 13%
from a strong first quarter. Total income amounted to
USD 734 million, up 3% from the first three months of
2012. The bottom line ended at USD 70 million, down
20% compared with the first quarter due to an
unrealised loss on the group's hedging portfolio.
"Volumes increased by 4% from a strong first quarter.
We still see high and heavy volumes growing faster
than auto. Our trade mix is favourable, with
especially the Oceania and Atlantic trades doing
well," says Wang. "Although Europe still struggles
with low demand for cars, we see increased export
from particularly Europe to Asia. Import to the US
also holds up well."
Through operating companies, the group controls a
total of 141 vessels (127 vessels), a net increase of
four vessels quarter on quarter. The newbuilding
orderbook totals ten vessels to be delivered in 2012-
2014, including two Post-Panamax car carriers ordered
by EUKOR in July.
"New, modern vessels contribute to optimising
operations and reduce costs per transported unit.
With volume growth, although at a moderate level, we
will continue to gradually grow the fleet through
investments in next generation newbuildings or by
chartering in tonnage," says Wang.
Medium term, the economic challenges seen in Europe,
the US and the BRIC countries can postpone private
consumption and corporate investment decisions and
thereby reduce the volume growth in the car and high
and heavy markets. The long term growth prospects for
deep sea transportation are however positive.
Despite macroeconomic uncertainties, the board is
cautiously optimistic regarding the volumes and
earnings for the second half of 2012.