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Ocean WIilsons Holdings Limited Announces 2010 Results
Hamilton, Bermuda: March 28, 2011 - Revenue for the Group grew by 20% to US$575.6 million (2009: US$477.9 million) principally due to increases in port terminal and logistics revenue. Operating profit margins for the Group were 5 % lower at 12% (2009: 17%) reflecting the change in sales mix, the adverse impact of a stronger Brazilian Real against our reporting currency the US Dollar, higher employee expenses and increased depreciation.
Profit before tax decreased by US$22.6 million from US$139.8 million to US$117.2million principally due to the decrease in operating profit US$67.9 million (2009: US$79.3 million) lower gains from the investment portfolio of US$22.5 million (2009: US$34.3 million) and exchange gains on cash balances of US$4.0 million.(2009: US$23.7 million). These were partially offset by the profit realised on formation of the joint venture of US$20.4 million.
Earnings per share based on ordinary activities after taxation and non-controlling interests were 160.8 cents (2009: 198.5 cents).
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