Norden's Q1 net profit jumps, misses consensus

COPENHAGEN (Reuters) - Danish shipper Norden (DNORD.CO: Quote, Profile, Research) said on Tuesday first-quarter net profit rose 48 percent due to greater dry cargo business activity, lagging consensus forecast, as it raised its full-year profit outlook.

Net profit rose to $200 million from $136 million in the 2007 quarter, but came in below the average forecast from analysts of $284 million in a Reuters poll.

The company raised its full-year net profit forecast to $885 million-965 million from $870 million-950 million due to a hedging transaction.

Norden said its dry cargo department saw considerably higher activity, with a 41 percent increase in the number of ship days employed at higher freight rates. Meanwhile, its tanker business experienced a weaker spot market.

The shipper said that since the end of the quarter freight rates in both segments had increased considerably, in both the spot market and the period market, the latter especially so for dry cargo.

By 0705 GMT, Norden shares were down 2.5 percent at 635 crowns, while the Copenhagen exchange top 20 index was down 0.5 percent.

(Reporting by Gelu Sulugiuc; editing by Rory Channing)