|
The profit for the period of $13.0 million is an increase of $6.9 million compared to last quarter. The operating revenues decreased by $12.6 million, and the operating expenses decreased by $2.4 million. Total other gains/ (losses) net increased by $15.3 million. This leads to an increase in net operating income of $5.1 million. The Company took impairment in the fourth quarter on the KTL shares of $14.1 million. The change in net operating income when this impairment is excluded is negative with $9 million. In the first quarter the vessel Channel Navigator has been docked and the off hire led to loss of revenues of $2.2 million dollars. The index based vessels have also had lower earnings in the first quarter, and Ocean Minerva, which was redelivered in fourth quarter, has had lower earnings. The Company has also taken impairment in the first quarter of $2.2 million in relation to the sale of the construction contract for Golden Emerald Inc. Cash and cash equivalents increased by $15.3 million during the quarter. The Company generated cash from operating activities of $28.4 million during the quarter. The Company paid $17.9 million in installments, docking and other predelivery costs in the quarter. Restricted cash decreased by $6.4 million, this is mainly related to release of security put up under one loan facility. The sale of shares in KTL generated a positive cash contribution of $33.8 million. Financing activities used $35.7 million net during the quarter. There was no drawdown of long term debt related to the newbuildings in the quarter, while ordinary and extraordinary repayment of long term debt amounted to $26.3 million. Full report at: www.goldenocean.no Golden Ocean Group Limited press release |
GOGL - Interim First Quarter 2012 Results