Wilh. Wilhelmsen ASA, the listed vehicle carrier and logistics company controlled by Wilh. Wilhelmsen Holding in Norway has reported a rise in interim profits due to benefits gained from cost savings and seasonally higher volumes.
Net profit in 2Q15 rose to USD75 million from USD25 million the previous year, despite a fall in revenues to USD596 million from USD682 million.
In 1H15, the profit reached USD126 million compared to just USD56 million a year earlier, although revenues again decreased, to USD1.21 billion from USD1.32 billion.
“The market for transportation of auto and high and heavy volumes remained competitive. The second quarter was characterised by a seasonal increase in ocean transportation volumes and improved underlying contribution from the logistics segment,” the company said.
Its shipping business generated 2Q15 earnings before interest and tax (EBIT) of USD58 million, much higher than the USD37 million figure for 2Q14. Revenues fell to USD479 million from USD530 million.
Related news:Wilhelmsen profits slip, cautious on outlook
In logistics, improved results in Hyundai Glovis increased contribution from the logistics segment. Wallenius Wilhelmsen Logistics, a company 50% owned by Wilhelmsen, activity level was on par with the first quarter, with slightly higher contribution from terminal operations and technical service following somewhat stronger volumes, Wilhelmsen said.
EBIT in the logistics business fell to USD18 million from USD22 million in the same period last year, while revenues fell to USD134 million from USD147 million.
Moving on to the outlook, the company said its board expects seasonally lower auto volumes and continued soft high and heavy volumes in the second half of 2015, while logistics activities are anticipated to be on par with 1H15.