Ocean Wilsons Holdings announced its first quarter update for the three months ended 31 March 2019, showing that port terminal and logistics revenue decreased 10% to $60.3m, mainly due to a higher average USD/BRL exchange rate in the period at 3.77.
Container volumes decreased 2% to 244,100 TEUs, while towage and ship agency revenue was 15% lower at $38.6m. Harbour towage manoeuvres decreased 8% to 12,926, while shipyard revenue declined $5.1m to $1.6m due to fall in third-party shipbuilding and dry-docking operations.
EBITDA of Wilson Sons, Ocean Wilsons’ subsidiary, fell 10% to $37.3m, mainly due to lower revenue and higher payroll tax costs. Adjusting for the effects of IFRS 16, EBITDA would have been 23% lower than that in 2018 at $31.8m. PAT of $6.4m over the quarter was $8.9m lower than Q1 2018.
Investment portfolio, including cash under management, stood at $276.3m as of 30 April 2019.
Cezar Baião, CEO of Wilson Sons operations in Brazil, commented: “The group remains focussed on increasing cash flow and improving capacity utilisation across all businesses in order to maximise stakeholder value, maintaining our relentless commitment to safety, with no lost-time injuries recorded in the quarter.”