11th Nov 2015 10:58
LONDON (Alliance News) - Ocean Wilsons Holdings Ltd on Thursday said operating profit and revenue both fell for its Wilson Sons Ltd maritime services and logistics business in the third quarter as it continues to contend with tough macroeconomic conditions in Brazil.
Ocean Wilson said operating profit for Wilson Sons fell to USD33.3 million in the quarter to the end of September, down from USD35.9 million a year earlier, though operating margins improved.
This helped to offset a 31% fall in revenue in the quarter, down to USD122.5 million from USD177.2 million, primarily due to the weak Brazilian real, as container volumes for its port and terminal logistics business rose.
"Despite a continuing weak Brazilian macroeconomic scenario, the third quarter of 2015 produced positive results for the towage and offshore vessels businesses and solid export growth for our terminals proving the importance of our diversified business portfolio," said Cezar Baiao, the chief executive of Wilson Sons.
Shares in Ocean Wilsons were up 0.5% to 754.00 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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