Wilh. Wilhelmsen: Strong Dollar Cushions Seasonal Lull

first_imgzoom A strong US dollar and reduced operating costs helped Norway’s Wilh. Wilhelmsen Holding ASA (WWH) offset a decrease in total income driven by seasonally lower demand for seaborne transportation, according to the company’s financial report for the quarter ended March 31.WWH delivered a total income of USD 866 million for the first quarter, a 3% decline from the previous quarter.The operating profit ended at USD 123 million, a reduction from the previous quarter, which was impacted by a material pension gain of 63 million.With a net financial expense of USD 35 million and a tax expense of USD 4 million, the group delivered a net profit of USD 68 million, equal to earnings per share of USD 1.46.”The total income for our ship operating entities reflected a seasonal decline in auto volumes and lower bunker compensation from customers,” said Thomas Wilhelmsen, group CEO at WWH. ”The effect on the top line was partly offset by a USD 26 million gain related to Wilh. Wilhelmsen ASA’s share reduction in Hyundai Glovis.”The underlying activity level and contribution from the group’s logistics activities were on par with the previous quarter.”Income for the segments continued to be affected by a challenging market. The income from ships service improved slightly, ship management delivered a stable top line, while the technical services stream saw a drop in total income,” said Wilhelmsen.WWH’s annual general meeting held on 23 April 2015 resolved to pay a dividend of NOK 3 per share, totalling NOK 139 million. The dividend was paid to shareholders on May 7. The board also received an authorisation to pay additional dividend limited up to NOK 3 per share, valid until the company’s annual general meeting in 2016, although not longer than 30 June 2016.”Based on the anticipated market outlook, we expect higher auto volumes in the second quarter, while high and heavy volumes are expected to stay flat. Although the current market is challenging, a gradual increase in world trade and operating fleet, a healthy order reserve and a strong USD will have a positive effect on future earnings for our maritime services segment,” said Wilhelmsen.last_img read more

Boy stabbed at tube station in Londons second teenage knife death in

Police at the scene in south London Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. Police at the scene in south LondonCredit: David Wilcock/PA Charity director Robin Pritchard said he moved through a crowd and saw the victim lying in a pool of blood while someone provided CPR.The 47-year-old told the Press Association: “I saw the guy on the floor, a pool of blood like he’d been stabbed in the stomach, his clothes were soaked.”It was strangely calm and quiet. I think everyone was in shock. Lots of kids there from the local college.”All I really registered were grey tracksuit bottoms which were soaked with a pool of blood coming from his waist like he’d been stabbed in the stomach.” A 17-year-old boy has died after being stabbed outside a Tube station, becoming the second teenager to be fatally knifed in London within 24 hours.It comes the day after a 15-year-old, named by police as Jay Hughes, was stabbed to death in Bellingham, south east London.The killing marks the 115th homicide in the capital so far this year, of which 19 victims have been teenagers.Officers were called to Clapham South Tube Station in south west London at 4.35pm on Friday, where they found the teenager suffering from a stab wound.He was taken to a south London hospital, where he died less than an hour later, the Metropolitan Police said. Another witness, who did not want to be named, said he saw “a bunch of guys” shouting and appearing agitated, with one carrying a large knife.He added that the area is usually noisy after students leave nearby Saint Francis Xavier College.He said: “I had no idea it was different to any other time the students get a bit noisy, until I saw the knife as I was literally passing them.”Officers are in the process of informing the victim’s family, although formal identification has yet to take place.No arrests have been made so far and inquiries continue.Surrounding roads and the Tube station have been closed with police remaining on scene.A Scotland Yard spokesman said: “Police were called at approximately 16:35hrs on Friday, 2 November to reports of a stabbing outside Clapham South Tube Station.”A 17-year-old male was found suffering from a stab wound. He was taken to a south London hospital where he died a short while later.”Police are in the process of informing his next of kin.”Formal identification has not yet taken place. A post-mortem examination will be held in due course.” read more