Ocean Wilsons Holdings Ld Quarterly Update (2022F)
16 May 2017 - 4:01PM
UK Regulatory
TIDMOCN
RNS Number : 2022F
Ocean Wilsons Holdings Ld
16 May 2017
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Ocean Wilsons Holdings Limited
Quarterly Update
Ocean Wilsons Holdings Limited (LSE: OCN) today announces its
first quarter update for 2017.
Our Operations
Ocean Wilsons Holdings Limited ("Ocean Wilsons" or the "Group")
is a Bermudian investment holding company which holds a portfolio
of international investments, and through its subsidiary, Wilson
Sons Limited, controls a maritime services and logistics company in
Brazil.
Financial Results
Group revenue for the three months ended 31 March 2017 was 16%
higher at US$117.8 million, compared with US$101.7 million in 2016,
principally due to a lower average US Dollar "USD"/Brazilian Real
"BRL" exchange rate for the period and solid operational results.
The average USD/BRL exchange rate in the first quarter at 3.15 was
20% lower than the comparative period in 2016, 3.91. A lower
average exchange rate benefits BRL denominated revenues and
adversely affects BRL denominated costs when converted into our USD
reporting currency. Port terminal and logistics revenue increased
34% in the period to US$60.4 million (2016: US$44.9 million)
reflecting the stronger average BRL in the period and higher
container volumes. Container volumes in the period were 5% higher
at 248,800 TEUs (2016: 237,500 TEUs) with increased volumes at both
Tecon Rio Grande and Tecon Salvador. Both towage and ship agency
revenue for the quarter of US$51.1 million and shipyard revenue of
US$6.2 million were in line with the comparative period in 2016
(US$51.9 million and US$4.9 million respectively). Harbour towage
manoeuvres were 6% higher at 14,742, (2016: 13,868)
Wilson Sons Limited's ("Wilson Sons") EBITDA for the first
quarter at US$35.5 million was 3.3% higher than 2016 (US$34.4
million).
Wilson Sons net income for the first quarter of US$14.9 million
was US$7.1 million lower than 2016 (US$22.0 million) principally
due to lower exchange gains. During the first quarter the BRL
appreciated 3% from R$3.26 at 1 January 2017 to R$3.17 at period
end. In the first quarter of 2016 the BRL appreciated 11%.
At 31 March 2017, Wilson Sons had US$118.0 million in cash
equivalents and short term investments (2016: US$112.4
million).
In April 2017 the Federal Government of Brazil (União), Nacional
Waterways Transport Agency (Antaq), Bahia port authority (CODEBA)
and Tecon Salvador S.A. were officially notified by a Federal Court
of an injunction determining the suspension of the works for
expansion of Tecon Salvador. On 11 May 2017 the court ruled in
favour of the appeal against the injunction. The Company continues
to take all necessary measures to overturn the suspension and
ensure expansion of the terminal planned between the end of 2017
and 2019.
The CEO of Wilson Sons Limited operations in Brazil, Cezar
Baião, stated:
"Wilson Sons 1Q17 proforma EBITDA of US$35.5M was up 3.3% with
solid results in the Towage and Terminals businesses. The highlight
in container terminals was the 10.0% growth in operating volumes
for Tecon Salvador and higher import volumes contributing to a
better sales mix across both Rio Grande and Salvador. New terminal
equipment delivered in February should further improve productivity
at both Rio Grande and Salvador in the quarters to come.
The Towage division produced robust results with increased
harbour manoeuvres offsetting a reduction in special operations.
Our Offshore Support Vessels business benefitted from the two new
long-term vessel contracts started in 2016, although we continue to
believe it will be difficult to find employment for the four
vessels that are currently offhire until market conditions
improve.
Once more we are very grateful for the efforts of all our staff
to achieve their contribution to this solid result despite a
continuing weak Brazilian macroeconomic scenario and stress
throughout the oil and gas services market. In particular I would
like to thank all for their efforts in improving workplace safety.
In February 2017 the Group reached a new mark exceeding 5 million
work hours without registering any lost time accidents."
Investment Portfolio
At 30 April 2017, the investment portfolio including cash under
management amounted to US$253.2 million (31 December 2016: US$238.9
million). The investment portfolio represents US$7.16 (GBP5.53) per
Ocean Wilsons share.
Enquiries
Company Contact +1 441 295
Keith Middleton 1309
Media
David Haggie +44 20 7562
Haggie Partners LLP 4444
Cantor Fitzgerald Europe
David Foreman, Will Goode (Corporate +44 20 7894
Finance) 7000
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTFELLFDEFLBBD
(END) Dow Jones Newswires
May 16, 2017 02:01 ET (06:01 GMT)
Ocean Wilsons (holdings)... (LSE:OCN)
Historical Stock Chart
From Apr 2024 to May 2024
Ocean Wilsons (holdings)... (LSE:OCN)
Historical Stock Chart
From May 2023 to May 2024