Ocean Wilsons warns on Brazilian currency moves

Bermuda based investment company Ocean Wilsons warned earnings would fall if weakness in the Brazilian Real persisted.

Shares in the company were down by 0.36% to 832p at 1423 BST, after Ocean posted a fall in first half profit.

Pre-tax profit for the first half was down by almost a third to $38.8m from £57.6m in the same period last year, off revenues which fell by 10% to $269.4m from $299.9 m.

Earnings per share were down to 33.8c per share from 82.2c per share, which Ocean said was impacted by the lower period, and effect of the Brazilian Real.

The Brazilian currency further depreciated about 8% against the US dollar since the reporting period finished.

“If the continued weakness in the BRL is maintained at year end this will again negatively impact our bottom line earnings in the year,” Ocean said in a statement.

The company paid $22.3m in dividends in the first half, up from $21.2m in the same period the year before.