Ocean Wilson Holdings’ Profits Plummet
Ocean Wilsons Holdings, a Bermuda based investment holding company, today [Mar.26] saw pre-tax profits drop by half for the year ended December 31, despite a rise in revenues.
Revenue rose from $575.6 million to $698.1 million year-on-year, while pre-tax profits plunged from $117.2 million to $58.6 million.
A $29 million increase in operating profit was offset by the lower investment revenues in the period ($7.8 million lower), negative returns from the investment portfolio (a $50.3 million adverse movement compared to the prior year), higher financing costs ($9.1 million higher) and a one off $20.4 million profit in 2010 realised on the formation of the offshore joint-venture.
In a statement the firm said: “Strong revenue growth from Wilson Sons terminal and logistics businesses was predominantly responsible for revenue increasing 21%, although it was pleasing to see growth from all business lines.
“Our long term approach, combined with a resilient strategy, warranted us another positive year in 2011. There are achievements to celebrate in each one of our businesses. In the past, we have made commitments to modernize and expand our terminals, to increase the productivity of our port assets and to renew and enlarge our fleets. This year’s accomplishments are directly related to those past commitments.”
“Brazil’s vibrant economy continues to offer outstanding conditions, enabling us to capture new market opportunities despite the clear challenges ahead.”
The firm is paying a final dividend of 29 cents per share (cps) (2010: 38 cps), making a total dividend for the year of 33 cps (2010: 42 cps), reflected the value of the investment portfolio and the dividend to be received from Wilson Sons relating to 2011.
At December 31st the group’s debt was $491.1 million (2010: $325.3 million).
Ocean Wilsons Holdings Limited is a Bermuda-based firm and through its subsidiary operates as a maritime services company in Brazil.
The company is listed on both the Bermuda Stock Exchange and the London Stock Exchange. It has two principal subsidiaries: Wilson Sons Limited and Ocean Wilsons Investments Limited.
Wilson Sons Limited is an autonomous Bermuda Company listed on the Sao Paulo Stock Exchange and Luxembourg Stock Exchange. Ocean Wilsons holds a 58.25% interest in Wilson Sons, which is fully consolidated in its accounts with a 41.75% minority interest.
Wilson Sons is one of the largest providers of maritime services in Brazil. Wilson Sons activities include harbour and ocean towage, container terminal operation, offshore support services, logistics, small vessel construction and ship agency. Wilson Sons has over four thousand employees and operates in nearly thirty locations throughout Brazil.
Ocean Wilsons Investments Limited is a wholly owned Bermuda investment company. The company holds a portfolio of international investments. Hanseatic Asset Management LBG, a Guernsey registered and regulated investment group acts as investment manager.
