Wilson, Sons Reports Earnings Growth and Margin Expansion in Second Quarter ’09
Sons” or “the Company”), announces its results for the Second Quarter 2009
(“2Q09″) and the First Half 2009 (“1H09″).
Highlights
Against the background of a global recession, Wilson, Sons’ results
confirmed their long-term growth trend in the second quarter and year-to-date
2009.
Overall, solid results in the offshore business, volume recovery at port
terminals, growth at Brasco, and special operations in the towage business,
combined, pushed consolidated financials higher, despite the lower volumes and
negative net revenue growth in 2Q09 and 1H09. EBITDA (at
2Q09) increased by 16.5%, relative to 2Q08 results.
Costs and Expenses declined in 2Q09, as well as in 1H09, mostly from:
Lower raw material costs associated with a concentration of PSV construction
activities at the shipyard in 2Q08; Savings in personnel expenses on costs
linked to the Brazilian Real; and Decline in other operating expenses, from
lower freights and rentals in logistics and towage.
Capex was significantly higher, mostly given ongoing investments in fleet
expansion at towage and offshore. Capital expenditure increased in 1H09 as
well, mainly in terms of new equipment for port terminals and logistics.
Wilson, Sons’ 2Q09 & 1H09 Earnings Release is available on line at:
http://www.wilsonsons.com/ir
Felipe Gutterres
CFO of the Brazilian subsidiary, Legal Representative & Investor Relations
Sandra Calcado
Investor Relations Manager
ri@wilsonsons.com.br
Telephone: +55 (21) 2126-4263
Company Description: Wilson, Sons, through its subsidiaries, is one of
supply chain solutions. With a business track record of over 170 years, the
Company has developed an extensive national network and provides a
comprehensive set of services related to domestic and international trade, as
well as to the oil and gas industry. Its principal operating activities are
divided into the following lines of business: Port Terminals, Towage,
Logistics, Shipping Agency, Offshore, and Non-Segmented Activities.
SOURCE Wilson Sons Limited