12th May 2016 07:52
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd, the Bermuda-based investment company which operates a maritime services company in Brazil, on Thursday said its net income improved in the first quarter, primarily due to currency-related gains.
Ocean Wilsons said net income for its Wilson Sons Ltd subsidiary was USD22.0 million in the first quarter of 2016, compared to a USD8.1 million loss made a year earlier. This was primarily driven by the Brazilian real appreciating against the dollar in the period.
Revenue for the quarter was USD101.7 million, down 27% year-on-year. Shipyard activity was weaker in the quarter, with port terminal and logistics revenue falling 29%, while towage and ship agency sales fell 5.0%.
Ocean Wilsons shares were up 0.4% at 811.00 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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