Danish shipping company Torm posted a smaller-than-expected 6 percent fall in second-quarter pretax profit and raised its full-year profit forecast on the back of continued high freight rates.
Pretax profit fell to $80.8 million from $85.9 million in the second quarter a year ago and compared with the average forecast of $55 million in a Reuters survey of analysts. Torm, which owns about 33 percent of local rival Norden, also said it now expected to make a full-year pretax profit of $230 million to $250 million against $155 million to $175 million previously.
Profits in the quarter were lifted by financial items of $23 million against $10 million in the same quarter of 2005 from dividend payment from the firm's stake in Norden.
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