Wilhelmsen income down 36 per cent over last year
The Wilhelmsen Group reported a total income of US$222 million for the second quarter of 2018, down 36 per cent from the US$344 million reported for the same time last year.
EBITDA was nil for the quarter. The EBITDA for the second quarter of 2018 includes a termination fee and legal costs of US$27 million related to the decision to abandon the acquisition of the technical solutions business from Drew Marine.
Over the same period last year, Wilhelmsen had an EBITDA of US$210 million.
The contribution from the group’s holding and investments activities was negative for the quarter.
Wilhelmsen did however improve income quarter-on quarter, with a five per cent increase.
With a more optimistic underlying trend for the group’s three business segments, the board expects the positive development to continue into the third quarter.
A more negative sentiment towards global trade, and potential introduction of further tariffs and restrictions, create uncertainties on a medium-term basis.