BOOK LOSSES HIT HOEGH’S FIRST-QUARTER RESULTS

   The diversified Norwegian shipping group Leif Hoegh reported a
first-quarter loss after financial items of NKr215 million ($28 million) in
the wake of poorer operating results and book losses on the sale of shares.
   The loss compares with a profit after financial items of NKr59 million
for the year-earlier period.
   The first-quarter loss includes a book loss of NKr274 million ($36
million) on the sale of Hoegh’s shares in Bona Shipholding, the tanker
operator.
   Operating profit before exceptional items was also sharply down, to
NKr107 million ($14 million), from NKr165 million.
   Hoegh reported lower operating profits from its car-carrying unit HUAL,
from its reefer shipping business Unicool, from gas shipping and from its
liner shipping arm Hoegh Lines. The group’s dry bulk activities had an
improved operating profit, but the Norwegian group said that the main
profit contributor continues to be its car-carrying business.