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The Company reports a profit of $11.6 million and earnings per share of $0.03 for the full year 2012. Total operating revenues were $229.8 million, total operating expenses were $193.8 million and other gain/losses net were negative with $1.7 million. Net financial items for the year ended December 31, 2012 were negative with $22.7 million. The profit for the period of $9.3 million is an increase of $26.4 million compared to last quarter. The operating revenues decreased by $0.6 million, and the operating expenses decreased by $25.5 million. Total other gains/ (losses) net decreased by $1.0 million. This leads to a net operating result of $14.2, which is $23.9 million higher than previous quarter. The main difference between the quarters is that the Company took impairment on several vessels in a total of $25.2 million in the third quarter. The Company's operating result before impairment is more or less in line with earlier quarters, due to the high contract coverage. The difference is mainly related to change in total other gains/ (losses) net. Net financial items decreased by $2.7 million from last quarter. Cash and cash equivalents increased by $11.3 million during the quarter. The Company generated cash from operating activities of $44.9 million during the quarter. The Company paid $8.6 million in installments, docking and other predelivery costs in the quarter. Financing activities were negative with $27.1 million in the quarter. Ordinary and extraordinary repayments of long term debt amounted to $22.0 million, the buy back of the convertible bond used $1.8 million. Full report available at: www.goldenocean.no Golden Ocean Group Limited press release |
GOGL - Fourth Quarter and preliminary Year End 2012 Results