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Ocean Wilsons’ revenue rises 25%

Bermuda-based Ocean Wilsons Holdings Ltd’s revenue rose 25.2 percent during the first nine months of 2011 due mainly to increase in its port terminals and logistics businesses.The holding company controls a maritime services and logistics company in Brazil and an investment portfolio through its subsidiaries.Revenue was $521.2 million for the nine months ended September 30, 2011 compared to $416.4 million over the same period last year.All of the group’s sales were derived from our Brazilian operations held through Wilson Sons Ltd.Operating profit for the period at Wilson Sons reflected the increase in revenue, climbing 29.8 percent to $78.5 million, compared to $60.5 million in 2010.Capital expenditure in the third quarter of $87 million was spent principally on the expansion of Tecon Salvador, the new Guaruja shipyard and vessel construction.At the end of September, Wilson Sons’ borrowings, including obligations under finance leases, were $394 million, up from $356.4 million three months earlier, of which $359.4 million was non-current.The company said that trading continued to be in line with performance in the year to date.At October 31, 2011 the company’s investment portfolio including cash under management was $240.3 million. The investment portfolio represents $6.79 (£4.21) per Ocean Wilsons share.At the close of business on November 4, 2011 the Wilsons Sons’ share price was 24.90 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25 percent holding in Wilson Sons of approximately $589 million, which is equivalent to $16.66 (£10.33) per Ocean Wilsons share.