13th Nov 2019 13:07
(Alliance News) - Ocean Wilsons Holdings Ltd said on Wednesday its revenue fell in in the third quarter due to reduced revenue at container terminals in Brazil.
The company said its revenue for the three months ended September 30, fell 7% to USD106.1 million from USD114.1 million a year ago.
Ocean Wilsons, which through its subsidiary Wilson Sons Ltd controls a maritime services and logistics company in Brazil, said the loss in revenue was impacted by the reduced revenue at container terminals, lower logistics revenue due to the completion of a specific high-volume contract, and lower shipyard revenues.
The company said Wilson Sons profit after tax for the third quarter was USD13.0 million, USD2.5 million lower than in the third quarter a year ago.
Cezar Baiao, chief executive of Wilson Sons, said container terminal volumes were impacted by lower transshipment in Rio Grande river while towage volumes remained constrained by intense market competition and temporary reduction in iron ore exports.
Ocean Wilsons shares were down 6.0% in London at 818.00 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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