31st Mar 2014 14:48
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd Monday reported a 2.0% increase in annual pretax profit, boosted by higher revenue from its shipyard, terminals and towage businesses.
Pretax profit rose to USD100.5 million in 2013, compared with USD98.6 million in 2012. Revenue increased by 8.2% to USD660.1 million, driven by Ocean Wilsons's shipyard, terminals and towage businesses. Operating profit increased by USD34.3 million to USD119.0 million, reflecting the higher revenue, profit on the disposal of property plant and equipment, and lower employee costs.
But that increase was offset by a USD19.0 million increase in exchange losses on monetary items, an USD11.9 million increase in finance costs, and reduced gains from the investment portfolio.
Chairman José Francisco Gouvêa Vieira said the company, which operates a maritime services company in Brazil, has entered 2014 in a position of strength.
"Demand from the offshore oil and gas sector remains strong. Our shipyard business has a strong order book from both in-house projects and third party orders. During the year, we expect to deliver a further five new tugboats to our towage division as part of our fleet renewal programme. A further six vessels are forecast to be built in 2015 and 2016; all have financing from the Fundo da Marinha Mercante," Gouvêa Vieira said in a statement.
The Fundo da Marinha Mercante provides government-supported financing to Brazilian shipyards and to shipping companies who order ships and equipment from Brazilian shipbuilders.
Gouvêa Vieira added: "Our offshore joint venture is programmed to receive one new PSV during the year and we expect to expand the fleet further in future years. Wilson Sons Ultratug is looking to diversify its fleet away from PSVs and operate Anchor Handling Tug Supply Vessels. We started civil works to extend the quay and reform the retro area at Brasco Cajú in 2013: this work will continue throughout 2014 and is forecast to be completed in the second quarter of 2015."
Ocean Wilsons increased its dividend to 60 cents a share from 42 cents.
Ocean Wilsons shares were Monday quoted at 1,114.50 pence, up 3.0%.
By Samuel Agini; [email protected]; @samuelagini
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