14th Nov 2013 14:17
LONDON (Alliance News) - Ocean Wilsons Holdings Limited Thursday said operating profit at its 58.25%-owned Wilson Sons Limited rose for the first nine months of the year.
The Brazil-focused company also said it benefited from an increase in revenue and profit on the disposal of property, plant and equipment and lower employee benefits expense.
Wilson Sons, which is 58.25% owned by Ocean Wilsons, made a USD88.0 million operating profit in the nine months to September 30, compared with USD63.5 million for the corresponding period last year, principally due to the increase in revenue, profit on the disposal of property, plant and equipment and lower employee benefits expense.
Ocean Wilsons, the Bermuda-based investment company, which through its subsidiary also operates a maritime services company in Brazil, said trading continues to be in line with performance in the year to date and historical seasonal trends.
The operating profit was based on USD475.5 million revenue for the nine months ended 30 September, compared with USD445.5 million for the corresponding period last year. Shipyard revenue benefitted from a new dry-dock facility and strong order book, which almost doubled to USD65.8 million in 2013 from USD34.1 million for the comparative period in 2012. Towage revenue increased 10% due to higher demand for special operations and better sales mix in harbour towage, though revenue at the logistics business was down.
EBITDA for the period at Wilson Sons Limited was USD130.3 million, compared with USD105.4 million for the corresponding period in 2012, reflecting the improved operating result.
"The company once more generated a very strong operating cash flow and EBITDA, confirming the overall strength of our business portfolio, even in the current uncertain economic environment," Cezar Baiao, chief executive of operations in Brazil, said in a statement.
Ocean Wilsons, which also holds a portfolio of international investments, said the investment portfolio including cash under management amounted to USD243.6 million on October 31.
Ocean Wilsons shares were Thursday quoted at 1,106.10 pence, up 0.74%.
By Samuel Agini; [email protected]; @samuelagini
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