Wilhelmsen top line down

“Reduced demand for transportation of autos and high and heavy units had a negative impact on our shipping income. In addition, certain activities related to our maritime service segment showed reduced earnings. Combined with a continued strong USD, this led to weaker underlying operations,” said Thomas Wilhelmsen, group CEO.

Total income equalled US$795 million in the third quarter with the operating loss ending at $US157 million. This included a $US200 million provision in Wilh. Wilhelmsen ASA (WWASA) related to ongoing anti-trust investigations in two joint ventures and a US$50 million impairment charge in Wilhelmsen Maritime Services linked to the remaining goodwill originating from the Callenberg acquisition in 2008.

Adjusting for these two items, the operating profit amounted to $US93 million, down 10% compared with the previous quarter.