Wilson Sons Limited News
Wilson Sons Limited Net Income Reaches US$ 13.2 Million in 1Q08
RIO DE JANEIRO, Brazil, May 14 PRNewswire-FirstCall — Wilson Sons Limited (Bovespa: WSON11) through its subsidiaries in Brazil, is one of the largest integrated operators of port and maritime logistics in the Brazilian market, registered a Net income of US$ 13.2 million, 10% higher than in the first quarter of 2007.
Consolidated Net Revenues grew 46.7%, from US$ 82.6 million in 1Q07 to US$ 121.2 million in 1Q08. This growth of US$ 38.6 million resulted mainly from the construction of four Platform Supply Vessels (PSV) for third parties, the revenues of which amounted to US$ 16.8 million for the period, as well as addition of the offshore operation of PSV Fragata, in addition to the performance of Port Terminals, Towage and Logistics.
EBITDA in 1Q08 totaled US$ 21.7 million, which represents an increase of 12.9% as compared to US$ 19.2 million in 1Q07. The increase in EBITDA resulted mainly from Port Terminals, Towage and Logistics segments.
"This performance was brought about by (i) an increase in the volume of special operations of tugboats; (ii) new clients and more profitable operations in logistics; (iii) significant performance of the Dry Port of Santo Andre, which benefited from the increase in domestic imports; (iv) price readjustments in towage and port terminals units; and (v) start of operations of PSV Saveiros Fragata, 3rd PSV of our fleet, in April 2007", says Felipe Gutterres - CFO of the Brazilian subsidiary, Legal Representative & Investor Relations.
Emerging market economies demonstrated significant growth this quarter, and Brazil also performed well. The growth of Brazil's Gross Domestic Product (GDP) at the end of 2007 confirmed the substantial expansion of domestic demand, which strengthens the favourable fundamentals of the Brazilian economy and positive environment for long term investments.
At this scene, Wilson Sons invested US$ 17.0 million this quarter, an addition of 30% as compared to the US$ 13.0 million in 1Q07. The investments recorded this quarter resulted from the expansion of the PSV fleet; third berth expansion and equipment acquisition at Tecon Rio Grande; import of equipment for Tecon Salvador; and investment in new tugs.
SOURCE Wilson Sons Limited
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