11th Aug 2022 10:09
(Alliance News) - Ocean Wilsons Holdings Ltd on Thursday reported it swung to an interim loss in the first half of 2022 due to a decline in its investment portfolio amid global supply chain challenges.
The Bermuda-based investment company swung to a loss of USD9.7 million in the six months ended June 30, from a profit of USD66.2 million the previous year.
Ocean Wilsons said this swing was primarily due to its negative return on its investment portfolio as well as increased finance costs.
The firm's investment portfolio assets as at June 30 dropped 55% to USD296.9 million from USD351.8 million at December 31. Its net assets fell by the same percentage in the same time period to USD729.3 million from USD783.7 million.
Revenue however, rose 22% year-on-year to USD211.0 million from USD188.9 million.
Towage revenue specifically grew by 9.5% year-on-year despite higher fuel costs as a result of higher average revenues per manoeuvre. Logistics revenue grew by 51% against the previous year thanks to favourable conditions for volumes and pricing internationally.
Ocean Wilsons said the financial performance was "not unexpected given the market conditions in the first half of 2022," citing global supply chain challenges and continued container shortages.
Ocean Wilsons declared an interim dividend of USD0.70, unchanged from a year prior.
Shares in the company were down 0.6% at 890.00 pence on Thursday morning in London.
By Heather Rydings; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Ocean Wilsons