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Ocean Wilsons profit falls 59% on lower towage revenue, currency headwinds

By BFN News | 09:48 AM | Friday 15 March, 2019


Maritime services investor Ocean Wilsons Holdings posted a 59% fall in annual profit Pre-tax profit for the year through December fell to $60.2m, as revenue reversed 7% to $460.2m when converted from Brazilian real. Operating profit fell 9.1% to $99.5m, mainly due to lower revenue and softer operating margins at the company's towage business. The company kept its dividend unchanged at 70c per share. 'In a highly competitive environment the group's overall performance in 2018 has been robust,' chairman Gouvea Vieira aid. 'Revenue in Brazilian Real terms grew 6% in the year however revenue growth was affected by lower towage revenue and the higher average US dollar exchange rate.' At 9:48am: (LON:OCN) Ocean Wilson Holdings PLC share price was -60p at 1125p Story provided by StockMarketWire.com

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