GOGL - Interim Second Quarter and First Half Year 2012 Results
(Thomson Reuters ONE) -
Highlights
· Golden Ocean generates second quarter 2012 EBITDA before impairment*
of $25.7 million
· Golden Ocean reports profit of $6.4 million for the second quarter of
2012
· The Company assigned the construction contract for Golden Emerald to
a third party in May 2012
· In July 2012 the Company came to an agreement with Jinhaiwan to
accept delayed delivery of three vessels against a reduction in the contract
price for these vessels
*EBITDA before impairments is equal to operating profit plus depreciations
(including impairment related to vessels) and amortisation.
Second Quarter and First Half Year 2012 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports profit of
$6.4 million and earnings per share of $0.01 for the second quarter of 2012.
This compares with profit and earnings per share of $13.0 million and $0.03
respectively for the first quarter of 2012. Total operating revenues for the
second quarter were $64.1 million, total operating expenses were $47.7 million
and other gains/losses net were a loss of $1.9 million. Net financial items were
negative with $8.0 million.
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.
The full report is available in the link below.
August 21, 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.
Q2 2012 Results:
http://hugin.info/135378/R/1635156/525171.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#1635156]
Unternehmensinformation / Kurzprofil:
Datum: 21.08.2012 - 08:04 Uhr
Sprache: Deutsch
News-ID 176100
Anzahl Zeichen: 4960
contact information:
Town:
Hamilton
Kategorie:
Business News
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"GOGL - Interim Second Quarter and First Half Year 2012 Results"
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