Ocean Wilsons Holdings Ld Quarterly Update (2463W)

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                            [phone] 
  Haggie Partners LLP                            4444 
 Cantor Fitzgerald Europe 
  David Foreman, Will Goode (Corporate    [phone] 
  Finance)                                       7000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 13, 2017 02:00 ET (07:00 GMT)