13th Aug 2018 11:10
LONDON (Alliance News) - Shares in Ocean Wilsons Holdings Ltd dropped on Monday after it reported a sharp drop in pretax profit due to lower revenue and a lack of one-off gains in the first half of 2018.
Shares in the provider of logistics and maritime services to Brazil fell 14% to 1,062.00 pence on Monday.
For the six months to the end of June, pretax profit fell to USD27.7 million from USD74.9 million a year before, due to a lack of other gains in the prior year, as well as higher finance costs and foreign exchange losses.
Revenue also dropped by 4.0% to USD235.0 million from USD245.8 million a year before, hit by the higher average exchange rate between the US dollar and the Brazilian real, and a fall in towage revenue due to stronger competition.
The investment portfolio dipped to USD272.5 million from USD274.7 million from the end of 2017 after dividends of USD4.8 million were paid from the portfolio.
Net asset value per share rose to USD21.82 from USD20.51.
"The uncertainty in the domestic scenario is further clouded by the upcoming Brazilian presidential elections in October. In the face of intensifying market competition our towage business continues to face both volume and pricing pressure although we remain confident in the underlying strength of our business to meet these challenges," the company said in a statement.
Related Shares:
Ocean Wilsons