Wilson Sons reported net income in the fourth quarter of 2012 totaling $29.2 million, a jump of 189.1 percent from $10.1 million in the same quarter last year, driven by the Brazilian shipping company’s port terminals, towage and shipyard sectors.
Quarterly revenue was $176.7 million, sliding 0.1 percent from $176.8 million in the fourth quarter of 2011.
For the full year of 2012, profit was $48 million, up 28.5 percent from $37.3 million. Annual revenue was $645.3 million, falling 7.6 percent from $698 million.
“In response to a challenging economic environment with reduced trade flow, we advanced by successfully inaugurating the expansion of Tecon Salvador, and recently completed works of the company’s new shipyard facility, both of which will help achieve economies of scale fundamentally important for increasing service levels to our clients,” said Cezar Baião, CEO of operations in Wilson Sons’ Brazil operations, in a written statement.