Good morning. Welcome to the second quarter results for Wilh. Wilhelmsen Holding. A quarter with some positive undertones, which we are pleased to see. Starting with the net result of $89 million for the group. The more important part of it is probably the underlying positive development in most of the operating entities that we do have. The quarter is very much colored by a strong increase in the value of the Hyundai and Glovis shares. We've had a write-down of our Survitec investment, which is quite substantial. I'll come back to that a little bit later. We have a small gain within Maritime Services related to sale of a property in Asia. All in all, then resulting in the $89 million net profit for the quarter.
Looking into the P&L, a relatively flat quarter in terms of top line, 5% up, landing at $208 million, resulting in an EBITDA of $42 million, which is then also somewhat inflated by the gain of property sale, which is $6 million. For those who are comparing numbers with last year, the IFRS element is approximately $9 million positive. Share of profit from associates is relatively small, landing at $3 million. The net financial gain is really contributing positively with a net of $92 million, when you combine the $99 million and the minus $7 million. That is very much colored again by Hyundai Glovis and the write-down in Survitec. Landing at $89 million for the quarter and an earnings per share of $1.92. Moving over to Maritime Services.
Flat top line, landing at $146 million and EBITDA of $29 million, also including the gain on property. The positive things here is improved results in ship management, improved contribution from agency, giving us a improved EBITDA quarter-on-quarter of 13%. I will talk a little bit about Survitec. The write-down of Survitec is $27 million. I think it warrants a little bit of a backdrop of the history. In 2015, we had a internal review related to the safety service segment of Maritime Services. It was an area which we found interesting, an area where we had been involved for many years, but we had struggled with the underlying performance. We were, in many ways, our conclusion was that we were left with three options. Either to close down the overall service infrastructure that we had, which would be quite costly.
Try to sell what we have or invest quite heavily to get the necessary scale and also the spread in the portfolio of offerings to the market. As you know, we then ended up in a situation where we sold the business to Survitec. We got a consideration in shares and in cash. It was a transaction which we were very pleased with for several reasons. One, because the cash consideration was acceptable, and we got the 20% shareholding in a company which ended up with a portfolio of offerings, which we felt were extremely strong given the segment we were operating in. Unfortunately, the financial side of it, or the leveraging side of the business, was relatively high. The company is now in a difficult situation, leading us to write down our shareholding to nil. What we have now is more an equity of the 20% ownership.
This, of course, is unfortunate, when we look at the totality for us, the decision that we made for the strategic change in 2015, resulting in the sale of the business, has overall been acceptable. We would have, of course, hoped that it would have been better with a stronger representation and value of the 20% shareholding. We do wish that the company can get back on its feet and represent value for us in the future. A quick trip to Supply Services. Summer season is a good season especially for NorSea Group. We see an increase in top line. We see an underlying quite strong increase quarter-on-quarter when it comes to the EBITDA margin.
It's a business which is quite difficult to dissect if you only want to look at the underlying operating performance because there are always a lot of projects and also call it sales or transactions related to properties. All in all, the way we look at it's been a good quarter and a good development, predominantly when it comes to the Norwegian operation. The operation in Denmark and the U.K. is still struggling, as we have spoken about earlier. Wallenius Wilhelmsen, an important part of our portfolio. They had a presentation yesterday and some of you in the audience were here. I will not say steal the thunder or it's not my job to present in details what's happening there. The quarter had an improvement in EBITDA landing at $211 million.
Improved performance in Ocean due to several factors with increased net freight and better on bunker, et cetera. The efficiency program is trickling in. Volume quarter-on-quarter is down 8%, which, of course, is a significant percentage. Part of this is related to the market in general being softer, but approximately half of it is related to call it voluntarily reduction in terms of focusing on the customers and the volumes which are positively contributing to the business rather than just lifting volume for the sake of lifting it. Land-based business is moving on and delivering on a pretty stable pace, which is good to see. Of course, both Ocean and land-based are influenced by the general turn in the market and the market in terms of volume is a little bit softer now than previously.
The Performance Improvement Program, which has created a lot of focus, has delivered NOK 65 million so far, which is good out of a target for reaching NOK 100 million in due time. All in all, we feel that there's a lot of positive initiatives and focus on efficient operation within Wallenius Wilhelmsen. The results are still to come in order to be satisfactory. This slide can be a little bit, call it misleading or difficult to read, but what we have tried to do is to consolidate the financial assets of holding and investments. If I can draw your attention to the right-hand bar chart. We've had an increase of NOK 151 million from previous quarter. If you look at the top two gray parts, that's related to our Glovis investment. The absolute top of NOK 167 million is related to the outstanding or the outside shareholders in Treasure.
It's not really our relative percentage of the ownership in Glovis. That's the 462. All in all, we've had a significant value increase also represented by the three bottom parts of the bar chart here, which is a result of predominantly cash upstreaming and increase in value. This is a positive development that we have seen. All in all, the results have contributed to a 1% increase in the overall equity ratio for the group. We are standing pretty strong with a conservative financial platform, especially considering that we are operating Wilh. Wilhelmsen Holding or we have a positive net debt situation and no cross collaterals. A strong basis to work from. If you're looking at the maturity profile, we believe this is very sound. We don't have any significant maturities coming in the next short-term period.
We have strong liquidity, and we have good relationships with the lending banks that we are using throughout the portfolio. On the slide when it came to the financial assets, I referred to increase in upstream, and I believe it's very pleasing to see here that we are now having several sources for cash upstream for the group. If we go way back in the past, the vast majority of cash upstream came from the car and ro-ro business or Wilhelmsen AS, as you can see from 2015 in this slide. Then it was, say, greatly reliant on Maritime Services and some part of investments. Now we are trickling in both from supply services but also dividend distribution coming from Wallenius Wilhelmsen. That's a trend that we would like to see continuing.
Dividend of NOK 2.5 was paid in May. The board have a mandate from the General Assembly for another dividend up to NOK 2.5 towards the end of the year. Talking about prospects. The board still believe that there will be stable underlying development for the operating entities. We are, of course, very much reliant on and exposed to global trade, which is introducing certain uncertainties for us as a group. That's in very brief, the second quarter. Thank you very much for coming and of course, for listening in, and we might have some questions. We might have some questions here. Okay. Thank you. Short and brief. [Non-English content]