GOGL - Fourth Quarter and Preliminary Year End 2011 Results
(Thomson Reuters ONE) -
Highlights
· Golden Ocean reports profit of $6.1 million for the fourth quarter
of 2011
· The operating profit is in line with the third quarter 2011 results,
save for an impairment on the shareholdings in Knightsbridge Tankers Limited
· The Company took delivery of Golden Suek in November 2011
· The Company has entered into a new financing for four of the
newbuildings from Jinhaiwan Shipyard
· Golden Ocean will not pay dividends for the fourth quarter of 2011
Fourth Quarter and Preliminary Year End 2011 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a profit of
$6.1 million and earnings per share of $0.01 for the fourth quarter of 2011.
This compares with the profit and earnings per share of $23.9 million and $0.05
respectively for the fourth quarter of 2010. Total operating revenues for the
fourth quarter were $66.1 million, total operating expenses were $40.4 million
and other gains/losses net were a loss of $15.3 million. Net financial items
were negative with $4.2 million.
The Company reports a profit of $14.3 million and earnings per share of $0.03
for the full year 2011. Total operating revenues were $317.1 million, total
operating expenses were $263.0 million and other gain/losses net were negative
with $7.5 million. Net financial items for the year ended December 31, 2011 were
negative with $32.4 million.
Cash and cash equivalents increased by $3.3 million during the quarter. The
Company generated cash from operating activities of $36.0 million during the
quarter. The Company paid $28.9 million in installments and other predelivery
costs in the quarter. Restricted cash increased by $10.2 million, this is mainly
related to security put up under one loan facility to comply with minimum value
covenants. Financing activities used $2.4 million net during the quarter. This
includes drawdown of long term debt related to the newbuildings of $26.8
million, interest paid of $6.7 million and repayment of long term debt of $20.2
million.
The full report is available in the link below.
February 16, 2012
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41
Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q4 2011 Results:
http://hugin.info/135378/R/1586443/497310.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
[HUG#1586443]
Unternehmensinformation / Kurzprofil:
Datum: 16.02.2012 - 07:58 Uhr
Sprache: Deutsch
News-ID 115387
Anzahl Zeichen: 3480
contact information:
Town:
Hamilton
Kategorie:
Business News
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"GOGL - Fourth Quarter and Preliminary Year End 2011 Results"
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