WALLENIUS REPORTS 40% JUMP IN ANNUAL PROFIT

WALLENIUS REPORTS 40% JUMP IN ANNUAL PROFIT

    Wallenius Lines reported a 40 percent jump in annual net profit for 1998, to 641 million Swedish krona ($79 million).
    The result compared with a profit of SKr457 million in 1997.
    Operating profit rose by 21 percent, to SKr928 million ($114 million), from SKr762 million in 1997.
    Revenue was SKr5.8 billion ($715 million) last year, up 18 percent on the SKr4.93-billion revenue reported in 1997.
    Wallenius said that the increase in profit was due to increased volume and higher capacity utilization.
    Trans-oceanic car and truck shipments, which form the basis of its business, experienced a positive trend throughout 1998 despite the Asian crisis, the Swedish company said.
    Wallenius is due to merge its shipping operations with those of Wilhelmsen Lines.