Wilh. Wilhemsen's Profit Slumps

Wilh. Wilhemsen's Profit Slumps

Wilh. Wilhelmsen’s profit fell 27 percent in the first quarter on lower shipping volumes and a less favorable cargo mix.

The Norwegian car carrier and marine services group posted an operating profit of $78 million, down from $106 million in the same period in 2012, as revenue declined 9 percent year-over-year and 4 percent quarter-to-quarter to $864 million.

The Oslo-based company said it expects second quarter results to be in line with the first three months.

“Earnings from our logistics activities improved compared with previous quarters, but unfortunately do not offset the reduced contribution from our shipping segment,” said CEO Thomas Wilhelmsen.

Wilhelmsen said it expects global automobile volumes to stabilize in the coming months, but it is concerned about developments in the high and heavy equipment sectors.