Wilson Sons 3Q, 9Mo Report
Wilson Sons Limited reported results for third quarter 2008 and 9 months 2008.
Through its subsidiaries, the company (Bovespa: "WSON11 BZ") is one of Brazil's providers of integrated port and maritime logistics and supply chain solutions. With a business track record of over 170 years, the company has developed a national network and provides a set of services related to domestic and international trade, as well as to the oil and gas industry. Its principal activities are divided into the following business segments: port terminals, towage, logistics, shipping agency, offshore, and non-segmented activities.
3Q08 net revenues were up by 26.9% over 3Q07, reaching USD 132.4 million. Year-to-date, net revenues improved by 32.7%, reaching USD 380.8 million. Wilson Sons' strong performance in 3Q08 and 9M08 derived, mainly, from activities in port terminals, logistics, and the offshore businesses, which, combined, represented almost 60% of The Company's total net revenues in the quarter. Its shipyard also contributed positively to 3Q08 results, from shipbuilding activities for third parties.
3Q08 consolidated adjusted EBITDA was up by 3.1%. Year-to-date, EBITDA results ended significantly higher (+25.1% compared to 9M07), helped mainly by a better mix of services and improved overall performance year-over-year, mainly at the Company's port terminals, towage and offshore businesses.
3Q08 and 9M08 CAPEX figures reached USD 23.2 million and USD 59.7 million, respectively, mainly invested in the acquisition of new equipment, construction activities for new tugboats, capacity expansion at Tecon Rio Grande, and leasing of equipment for logistics.