Bermudian-based investment holdings company Ocean Wilsons logged profits of more than $57 million for the six months to the end of June.

Profits for the company, which operates a Brazilian maritime services firm through a subsidiary, were up 43 per cent on the $39.9 million posted for the same period last year.

Ocean Wilsons’ chairman Gouvêa Vieira said: “The group delivered a solid result for the first half of 2016 in a challenging economic environment.”

Investment revenues at the firm were $2 million lower at $5.9 million in the same period last year due to lower average cash balances and the currency mix of investments made.

The firm’s figures were helped by the Brazilian real appreciating 18 per cent against the US dollar during the reporting period.

In the same period last year, the real depreciated 17 per cent against the dollar.