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Profits narrow for shipowner Wilhelmsen

Wilh. Wilhelmsen ASA logged after-tax profits of USD 27 million for 2001, down from USD 48 million the year before. The reduction came despite a jump in operating revenues.

Wilhelmsen's operating revenues climbed to USD 518 million last year, from USD 496 million in 2000. Operating income, however, fell to USD 67 million, down USD 14 million from the prior year.

Wilhelmsen runs liner services around the world and also specializes in automobile transport using so-called "roll-on, roll-off" vessels.

The decline in income was blamed on lower interest income tied to weak financial markets. The company also noted that it was dissatisfied with earnings charted by its liner and car-carrier divisions.