Oslo-listed WW’s showing in the three months to the end of 2012 has been
labelled soft by analysts, despite some applause for its cost control.
Jan Eyvin
Wang, CEO of the shipowner, said in a statement: “High and heavy
shipping volumes, healthy in the first half year, slipped in the third and
fourth quarters.
“This had a negative impact on the group's profitability but was somewhat
offset by fleet optimisation.”
WW logged a profit of $37m in the fourth quarter, down from $68m in the
same stretch of 2011.
Its result was less than half the $86m analysts had charted.
WW’s operating profit also missed forecasts by a huge margin with the
$81m reported almost 30% behind the $110m consensus.
The owner, which says it continues to cooperate with an anti-trust
investigation, saw profit from its shipping arm sag from $61m to $26m
year-on-year.
“The Q4/12 numbers are weaker than expected and we
thus expect the share to trade lower today as the market assesses the potential
for a reduction in estimates for 2013,” said Erik Nikolai Stavseth of Arctic
Securities.
WW said: “The board expects cargo volumes to remain soft during the
early part of 2013.
“Long term positive underlying growth potential for both cargo segments
combined with a sound financial position gives WWASA a solid platform to
gradually invest in fleet modernisation and integrated land-based logistics
services.”
For the full-year WW’s profit reached $410m, smashing the $144m
recorded in 2011.
