A huge gain from the spin-off of a new public company pushed up second quarter profit at Norwegian shipowner Wilh Wilhelmsen ASA.
A one-off contribution of $375m from the formation of Treasure to hold its shares in Hyundai Glovis drove its bottom line to $392m for the three months to the end of June.
This beat the $70m seen in the second quarter last year.
Stripping out the exceptional items, adjusted earnings per share of $0.08 compared with the $0.10 consensus, according to Arctic Securities.
Results from its shipping division dipped, with the company offering a sober market outlook.
Operating profit at the arm slipped from $58m to $38m year-on-year.
Jan Evyin Wang, chief executive of WW ASA, said: “Transportation of both cars and high and heavy equipment improved from a weak first quarter, partly due to seasonality.”
However, in a statement the board added: “We anticipate volume growth to remain weak over the next period, with continued pressure on margins.
“The current global political landscape adds further uncertainties.”
