25th Mar 2015 11:24
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd on Wednesday reported a fall in pretax profit for 2014 as revenue dropped due to the weak Brazilian real and a slowdown in Brazilian trade in the fourth quarter.
The marine investment company, which operates a maritime services company in Brazil, said its pretax profit for the year was down to USD78.5 million from USD100.5 million. The profit was pushed down by lower revenue, weaker operating margins, and a USD10 million profit made in 2013 on the disposal of property plant and equipment that was not repeated.
The company said revenue fell to USD633.5 million from USD660.1 million due to the weakness of the Brazilian real, a slowdown in trade in Brazil in the fourth quarter, and a planned contraction and increased competition in its logistics and ship agency businesses.
Ocean Wilsons said container movement units rose in the year to 975,100 from 937,500, despite the slowdown in the fourth quarter in Brazil. Towage, measured by the number of harbour manoeuvres performed, rose 8.7%, while operating days on its own vessels rose by 25%.
The company said it will increase its dividend to 63 cents per share from 60 pence per share.
"The overall operating performance of the group in 2014 has been robust with our key operating performance indicators showing year on year growth at our towage, container terminal and offshore businesses, although container terminal volumes in the fourth quarter quarter were impacted by the slowdown in the Brazilian economy and weakening export demand," said José Francisco Gouvêa Vieira, Ocean Wilsons' chairman.
Shares in Ocean Wilsons were trading flat at 895.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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