Wilhelmsen's Q3 results tainted by competition cases

Norwegian carrier Wilh. Wilhelmsen Holding's third quarter results are heavily tainted by the large sums set aside by the company in light of ongoing competitions cases. Looking at operations alone, the group suffered a ten percent setback in its operating profit compared to the second quarter.

Photo: Presse

An ongoing investigation by competition authorities has cast shadows on the third quarter results from Norwegian shipping and logistics group Wilh. Wilhelmsen Holding, which delivered its interim report for the period on Wednesday.

The report shows a dramatic decline in the operating profit (EBIT) which fell from USD 103 million in the second quarter to a deficit of USD 157 million in the third quarter. This development, explains the company, must be seen in light of provisions for USD 200 million set aside by the company ahead of two pending competition cases concerning two of the company's joint ventures, which are currently being investigated by the authorities.

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