News

Ocean Wilsons sees opportunities during slowdown

12 August 2008 12:39:00

Revenue jumped more than a third at ports group and investment outfit Ocean Wilsons during the first half of 2008, while profits excluding last year's big windfall also rose sharply.

The firm, which supplies port and maritime services in Brazil, reported a 36% hike in revenue for the six months ended 30 June to $248.4m, thanks in part to the expansion of its vessel construction business.

Pre-tax profit dropped to $52.1m from $250.3m in 2007, but was up 42% on a year ago if a $213.7m gain from the sale of a stake in Wilson Sons Limited is stripped out of the 2007 figure.

"It will take time for recent economic shocks to be absorbed and for imbalances in the world economy to be corrected," said the company. "A period of slower economic activity seems inevitable."

"Such a period will however generate many opportunities to invest on terms more favourable to investors than have been the case in recent times."

"Ocean Wilsons Holdings Limited is well placed with ample cash at its disposal to exploit such opportunities and generate good returns in the medium term," it added.

The interim dividend remains at 4 cents per share.

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