Ocean Wilsons Holdings Ld Quarterly Update (2463W)
13 November 2017 - 6:00PM
UK Regulatory
TIDMOCN
RNS Number : 2463W
Ocean Wilsons Holdings Ld
13 November 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
third 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
Revenue for the three months ended 30 September 2017 at US$129.4
million was US$3.9 million higher than the comparative period in
2016 (US$125.5 million). Port terminal and logistics revenue in the
period was 16% higher at US$68.1 million (2016 US$58.5 million)
principally due to higher container terminal revenue. Container
terminal revenue was positively impacted by increased container
movements in the period and higher import revenue. Container
volumes in the period were 7% higher at 295,400 TEUs (2016 275,200
TEUs), principally due to higher transshipment volumes. Towage and
ship agency revenue for the quarter was 3% lower than prior year at
US$56.0 million (2016 US$57.7 million). Shipyard revenue of US$5.5
million was US$3.8 million lower than the third quarter of 2016
($9.3 million). Group revenue for the nine months ended 30
September 2017 of US$375.2 million was 10% higher than the
comparative period in 2016 (US$340.2 million).
Wilson Sons Limited's ("Wilson Sons") EBITDA for the third
quarter of US$47.9 million was 3.6% higher than 2016 (US$46.2
million) while Wilson Sons EBITDA for the nine months of US$128.1
million is 9% ahead of the comparative period in 2016 (US$117.5
million).
Wilson Sons profit after tax for the third quarter of US$26.1
million was US$3.4 million higher than the comparative period in
2016 (US$22.7 million).
Capital expenditure in the period of US$11.0 million was
invested mainly in port terminal and logistics equipment.
The CEO of Wilson Sons Limited operations in Brazil, Cezar
Baião, stated:
"Wilson Sons 3Q17 EBITDA of US$47.9 million was up 3.6% with
solid results in the Container Terminals business. The highlight
was the productivity record of Tecon Rio Grande and Tecon Salvador,
respectively achieving 140 and 90 movements per hour with new
equipment in Rio Grande helping the improvement of our average
movement per hour by 40%. Rio Grande moved a record 216,000 TEUs in
the quarter.
The Towage division operational results were broadly in line
with the previous year. Our Offshore Support Vessels business
negotiated new contract terms for eight PSVs, which included a
temporary suspension of six of these vessels given the ongoing
weakness in offshore logistics demand. Whilst a negative in the
near term, the agreement prevented contract cancellations and
extended the original contract lengths by a period equal to the
suspension. Although some potential opportunities are arising for
off-hire vessels, daily rates remain under pressure. Brazil's
recent success in pre-salt oilfield auctions reinforces a more
favourable long-term outlook.
Once more we are very grateful for the efforts of all our staff
for their contribution to this solid result, despite a continuing
weak Brazilian macroeconomic scenario and stress throughout the oil
and gas services market."
Wilson Sons Limited announced on Friday 10 November to the São
Paulo and Luxembourg Stock exchanges its results for the third
quarter ended 30 September 2017. Their full announcement is
available on the Wilson Sons website (www.wilsonsons.com.br) and at
the Brazilian stock exchange website."
Investment Portfolio
At 31 October 2017, the investment portfolio including cash
under management amounted to US$269.8 million (30 June 2017:
US$259.0 million). The investment portfolio represents US$7.63
(GBP5.74) 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
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