Ocean Wilsons Holdings Ld Quarterly Update (9742G)
November 12 2018 - 2:00AM
UK Regulatory
TIDMOCN
RNS Number : 9742G
Ocean Wilsons Holdings Ld
12 November 2018
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 2018.
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 30 September 2018 at
US$114.1 million was US$15.3 million lower than the comparative
period (2017: US$129.4 million) due to a higher average USD/BRL
exchange rate in the period and lower towage and ship agency
revenue. The average USD/BRL exchange rate in the period at 3.95
was 25% higher (2017: 3.16). Towage and ship agency revenue for the
quarter was 23% lower than prior year at US$43.2 million (2017:
US$56.0 million) pressured by a more competitive environment
impacting both volumes and prices. Container volumes in the period
were 6% higher at 312,300 TEUs (2017: 295,400 TEUs) although port
terminal and logistics revenue in the period was 1% lower at
US$67.5 million (2017: US$68.1 million) principally due to the
higher average USD/BRL exchange rate in the period. Shipyard
revenue of US$3.2 million was US$2.3 million lower than the third
quarter of 2017 ($5.5 million). Group revenue for the nine months
ended 30 September 2018 was 7% lower at US$349.1 million (2017:
US$375.2 million).
Wilson Sons Limited's ("Wilson Sons") EBITDA for the third
quarter of US$45.8 million was 5% lower (2017: US$47.9 million)
while Wilson Sons EBITDA for the nine months of US$123.7 million is
3% lower than the comparative period (2017: US$128.1 million).
Wilson Sons profit after tax for the third quarter of US$15.5
million was US$10.6 million lower than the comparative period in
2017 (US$26.1 million).
The CEO of Wilson Sons Limited operations in Brazil, Cezar
Baião, stated:
"Wilson Sons reports 3Q18 EBITDA of US$45.8 million, a decrease
of 4.5% in US Dollar terms, but an increase of 19.5% in BRL
terms.
-- Solid growth in both container terminals reflecting fledging economic recovery.
-- Tecon Salvador commenced preparations to start civil works
for the quay extension after receiving all licensing approvals.
-- Towage volumes and prices constrained by a more intense market competition.
Wilson Sons 3Q18 EBITDA was down 4.5% against the comparative
quarter to US$45.8 million (3Q17: US$47.9 million), despite the
solid results in container terminals. Full container TEU volumes
grew 9.2% and imports improved by 10.6%. In September, Tecon
Salvador moved a record 33,100 TEUs and commenced preparations to
start civil works to extend the principal quay from 377 metres to
800 metres to allow simultaneous berthing of two super-post-Panamax
ships. We are pleased to announce that MSC started operating a new
dedicated feeder service for transshipment cargo connecting Rio
Grande to the River Plate region.
Towage results continued to be pressured by a very competitive
environment affecting volumes and prices. After quarter-end, the
division received the escort tug WS Sirius with 90 tonnes of
bollard pull. It is the largest and most powerful tugboat in
Brazil, further differentiating Wilson Sons towage service by
offering clients superior assets, safety and efficiency levels.
Offshore support vessel results were negatively affected by the
end of seven contracts during the quarter. Weakened demand has been
partially mitigated through alternative vessel solutions. In July,
WSUT expanded its range of services commencing two contracts for
shallow-water diving support and one contract to support oil spill
recovery. Brazil's recent success in pre-salt oilfield auctions
reinforces a more favourable long-term outlook for the Brazilian
oil and gas industry despite the short-term challenges.
The Company remains focused on increasing cash flow and
improving capacity utilisation across all businesses in order to
maximise value for stakeholders, with our continued commitment to
safety."
On 9 November 2019, Wilson Sons Limited announced to the São
Paulo and Luxembourg Stock exchanges its results for the third
quarter ended 30 September 2018. The 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 2018, the investment portfolio including cash
under management amounted to US$265.3 million (30 June 2018:
US$272.5 million). The investment portfolio represents US$7.50
(GBP5.88) per Ocean Wilsons share.
Enquiries
Company Contact
Keith Middleton +1 441 295 1309
Media
David Haggie
Haggie Partners LLP +44 20 7562 4444
Cantor Fitzgerald Europe
Rick Thompson, Will Goode (Corporate Finance) +44 20 7894 7000
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END
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