- Brazil-focused port logistics group Ocean Wilsons swung to a first-half loss after its was hit by foreign exchanges losses and negative returns on investments.

Pre-tax losses for the six months through June amounted to $1.78m, compared to a profit of $47.1m on-year. Revenue fell 13% to $174.2m.

The company said it had posted a resilient, with 'solid key operational indicators' from its main Brazilian business in challenging market conditions.

Operating profit, it said, had risen 12% to $39.3m. Sales had also been hit by a decline in logistics revenues and lower offshore support base revenues, it added.

'The strength of our business model during the Covid-19 pandemic has been clearly demonstrated by our performance in the first half of the year,' Ocean Wilsons said.

'Whilst trade flows in Brazil remain sound, we are seeing some fall in imports and industrial activity in response to the pandemic.'

'Brazilian agricultural production remains robust helping to support volumes at our two container terminals which are predominantly export focused.'

'The weaker BRL is also improving the competitiveness of Brazil and assisting in sustaining export volumes.'

'The anticipated recovery in the Brazilian offshore oil and gas industry is expected to be further delayed by the recent softening in oil prices which is hampering demand for offshore oil and gas support services in Brazil.'

'We remain confident in the long-term prospects for these businesses. Whilst there is limited visibility as to the full impact of the Covid-19 pandemic, the board is confident the group is well positioned to successfully negotiate these unusual times.'

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