15th Mar 2019 11:41
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd on Friday said its profit declined in 2018 as revenue took a hit from currency exchange rates.
The company, which operates through its Brazilian maritime services subsidiary and holds a portfolio of international investments, reported pretax profit of USD60.2 million for 2018, down 59% from USD145.5 million a year earlier.
Revenue fell by 7.3% to USD460.2 million from USD496.3 million. On a constant currency basis, revenue climbed by 6%.
Ocean Wilsons declared a dividend of 70 US cents per share, unchanged year-on-year.
The investment portfolio, including cash under management, decreased by 5.8% to USD258.9 million from USD274.7 million in 2017.
The fall in the portfolio returns in the period were mainly due to the poor performance of global equity markets, the company explained.
Ocean Wilsons share price at the end of December stood at 1,175 pence, representing a discount of 23%.
The stock was trading 5.3% lower on Friday at 1,122.00p a share.
"The Brazilian offshore oil and gas market is expected to face another difficult year with demand for both offshore vessel hire and new vessel construction remaining sluggish although we continue to explore alternative revenue streams for our off-hire supply vessels," said Chair Gouvea Vieira.
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