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The Company reports a profit of $19.4 million and earnings per share of $0.04 for the first half of 2012. Total operating revenues were $117.5 million, total operating expenses were $85.7 million and other gain/losses net were negative with $1.9 million. Net financial for the first half of 2012 was negative with $10.5 million. The profit for the period of $6.4 million is a decrease of $6.6 million compared to last quarter. The operating revenues increased by $10.6 million, and the operating expenses increased by $9.7 million. Total other gains/ (losses) net decreased by $1.9 million. This leads to a reduction in net operating income of $1.0 million since the first quarter. The increase in earnings is both related to vessel in dock in Q1 and higher activity in the short term portfolio. At the same time the vessel on index has received lower earnings and Golden Strength finished the winter charter. The Company has also made a provision for the unpaid hire from Sanko in relation to Golden Feng of $3.6 million. The Company has further taken impairment in the second quarter of $13.4 million in relation to Golden Feng. At the same time the Company has reversed impairment in relation to the vessel Golden Nantong of $10.5 million and hence the impairment in the quarter is therefore booked as $2.9 million. Net financial items decreased by $5.5 million from last quarter. In second quarter the Company booked a loss on the yen lease, while this was a profit in the first quarter. In addition, the Company has stopped receiving dividends from KTL following the sale of the investment, which accounted for $1.2 million profit in the first quarter. Cash and cash equivalents decreased by $15.9 million during the quarter. The Company generated cash from operating activities of $32.5 million during the quarter. The Company paid $2.4 million in installments, docking and other predelivery costs in the quarter and received $14.9 million for sale of construction contract. Financing activities were negative with $62.5 million in the quarter. There was $1.6 million of draw down on long term debt related to the newbuildings in the quarter, while ordinary and extraordinary repayments of long term debt amounted to $56.1 million. Full report available at: www.goldenocean.no Golden Ocean Group Limited press release |
GOGL - Interim Second Quarter and First Half Year 2012 Results