Torm posts best operating results for 2008

Copenhagen, Denmark: Torm's pretax profit for the year was US$392 million before non-cash mark-to-market adjustments of financial instruments of US$-32 million.

The profit before tax for the year was US$360 million.

"Torm posted the best operating result ever for 2008," said CEO Mikael Skov, "however the outlook for 2009 reflects the recession in the global economy."

The total cash flow was US$63 million, of which cash flow from operating activities was US$385 million, cash flow from investing activities was US$-262 million and cash flow from financing activities was US$-59 million.

According to Torm, as of December 31, 2008, equity amounted to US$1.28 billion, corresponding to US$18.50 per share excluding treasury shares.