LONDON (Alliance News) - Ocean Wilsons Holdings Ltd said Wednesday revenue increased 1.3% in the first quarter of 2018 driven by a strong performance of its subsidiary Wilson Sons Ltd.
For the three months to March 31, the Bermudian investment holding company reported group revenue of USD119.3 million, up from USD117.8 million the same period the previous year.
Ocean Wilsons with its subsidiary Wilson Sons controls a maritime logistics company in Brazil.
Wilson Sons pretax profit for the three-month period grew to USD15.3 million from USD14.9 million. Earnings before interest, tax, depreciation and amortisation were 16% higher at USD41.1 million from USD35.5 million.
Port terminal and logistics revenue increased 11% to USD67.1 million form USD60.4 million a year ago. The company said this was due to "a more favourable sales mix with more full container movements in the period and a better import export split".
However, the company said the increase in port terminal and logistics revenue was slightly offset by lower towage and ship agency revenue which was down 11% at USD45.6 million due to "stronger competition in harbour towage impacting volumes and pricing".
For the three-months to March 31, the company said container volumes were flat at 248,200 twenty-foot equivalent units versus 248,900 TEUs in the same period in 2017.
Cezar Baiao, chief executive officer of Wilson Sons' operations in Brazil, said: "Towage results were pressured by a more competitive environment affecting volumes and pricing, and a weak oil and gas market. Weakness for offshore vessel demand has been partially mitigated through alternative vessel solutions, with two shallow-water diving support conversions and one oil spill recovery conversion underway for second quarter contract commitments."
Ocean Wilsons shares were trading at 1,121.20 pence on Wednesday, down 0.3%.
Ocean Wilsons (OCN)