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Wilhelmsen delivers 3Q18 results

Published by , Assistant Editor
Dry Bulk,

The total income for Wilhelmsen Group in the third quarter of 2018 was US$214 million, down 4% from the second quarter this year. The EBITDA was US$33 million. Excluding costs related to the abandoned Drew acquisition in the second quarter and sales gains in NorSea Group, the EBITDA was up 34% quarter-on-quarter.

“The development in top line reflects reduced income from ship agency, continued positive development for marine products, and income growth for ship management,” said Thomas Wilhelmsen, group CEO.

The group’s supply service segment, including WilNor Governmental Services and NorSea Group, saw a slight decrease of 3% in total income following a reclassification of revenue in WilNor.

“The activity level in the supply service segment has picked up with the group being a major logistics supplier to Trident Juncture, a NATO exercise currently taking place in Norway. In addition, income in NorSea is supported by increased supply base service activities, start-up of a new offshore wind contract, and higher marine operation activities,” commented Wilhelmsen.

The holding and investment segment reported a net profit of US$70 million, up from a loss of US$172 million in 2Q18. The positive result followed an increase in share of profit in Wallenius Wilhelmsen ASA and a fair value gain from the investments in both Hyundai Glovis and Qube Holdings.

According to the mandate given to the board at the annual general meeting, held on 26 April, the board declares a second dividend of NOK 2 per share. The pay-out date is on or about 22 November.

When looking ahead, Wilhelmsen said: “We continue to focus on operating margin, strengthening profitability and growing our maritime service segment. For our supply services we expect reduced activity due to seasonality.”

Despite a more positive development of underlying operating performance the past two quarters, the board expects a somewhat softer fourth quarter. A more negative sentiment towards global trade, and potential introduction of further tariffs and restrictions, continue to create uncertainties.

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