16th May 2014 10:45
LONDON (Alliance News) - Maritime services company Ocean Wilsons Holdings Ltd Friday said its operating profit was up on the year in the first quarter as lower employee costs and the benefits of a weaker Brazilian real to US dollar exchange rate offset higher raw material costs and depreciation.
In a statement, the investment company which generates all its revenues from its Brazil based Wilson Sons Ltd business, said its operating profit rose to USD24.4 million in the three months to end-March, up from USD22.2 million a year earlier, even though revenue was broadly flat at USD147.7 million, compared with USD148.3 million.
Its earnings before interest, tax, depreciation and amortisation rose to USD40.2 million, from USD36.0 million.
Capital expenditure in the first quarter rose to USD27.5 million, from USD21.5 million a year earlier, as Wilsons invested in the expansion of the Brasco-Caju oil and gas terminal, tugboat construction and the remaining civil works at the Tecon Salvador port.
Ocean Wilsons Holdings shares were down 4.2% at 1,150.00 pence Friday.
By Steve McGrath; [email protected]; @stevemcgrath1
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