GOGL - Interim First Quarter 2012 Results
(Thomson Reuters ONE) -
Highlights
· Golden Ocean reports profit of $13.0 million for the first quarter
of 2012
· The Company took delivery of Golden Bull in March 2012
· The Company sold the shares in KTL in March 2012
· The Company has assigned the construction contract for Golden
Emerald to a third party in May 2012
· Golden Ocean will not pay dividends for the first quarter of 2012
· The Company will implement a new share repurchase program
First Quarter 2012 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of
$13.0 million and earnings per share of $0.03 for the first quarter of 2012.
This compares with profit and earnings per share of $6.0 million and $0.01
respectively for the fourth quarter of 2011. Total operating revenues for the
first quarter were $53.4 million, total operating expenses were $38.0 million
and other gains/losses net were a profit of $0.1 million. Net financial items
were negative with $2.5 million.
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.
The full report is available in the link below.
May 30, 2012
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2012 Results:
http://hugin.info/135378/R/1615842/515183.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#1615842]
Unternehmensinformation / Kurzprofil:
Datum: 30.05.2012 - 07:55 Uhr
Sprache: Deutsch
News-ID 151064
Anzahl Zeichen: 3923
contact information:
Town:
Hamilton
Kategorie:
Business News
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"GOGL - Interim First Quarter 2012 Results"
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Golden Ocean Group (Nachricht senden)
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