Wilh. Wilhelmsen’s 2nd-quarter income down after write-down

Wilh. Wilhelmsen’s 2nd-quarter income down after write-down

   Wilh. Wilhelmsen today reported second quarter net operating profit of $58 million, down 19.4 percent from the $72 million posted in the same quarter last year, due to a $25 million write-down in the value of its French logistics assets.

   Operating income for the quarter improved 28.7 percent to $664 million from $516 million.

   The Norwegian company has written down the value relating to assets in Global Automotive Logistics, parent company of Compagnie d’Affr'tement et de Transport, by $25 million to zero, “because of continued weak results and an unclear financial position.”

   For the year so far, Wilh. Wilhelmsen posted net operating profit of $132 million, compared with $126 million for the same period last year. Total operating income was $1.3 billion, up from $1 billion.

   Wilh. Wilhelmsen is a major shareholder in Wallenius Wilhelmsen Logistics, American Roll-on/Roll-off, Eukor and Unitor, and said that shipping made the biggest contribution to its results. “We’re making effective use of cargo capacity on the vessels in a very good market,” said Ingar Skaug, Wilh. Wilhelmsen’s chief executive officer. “That is giving us record results and contributing to our progress.”

   The company said it still expects to beat last year’s $232 million operating profit in 2006.