Interim Results for the Quarter and Half Year ended June 30, 2011
(Thomson Reuters ONE) -
Highlights
· Golden Ocean reports a profit of $16.5 million for the second quarter
of 2011
· Golden Ocean announces dividends of US $0.02 per share for the second
quarter of 2011
· The Company will in addition to the dividend payment implement a
share repurchase program
· The daily charter rate for the Capesize Golden Beijing is changed to
$23,000 per day, while the Company has the full upside up till $38,250 per day.
Second Quarter and First Half 2011 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a profit of
$16.5 million and earnings per share of $0.04 for the second quarter of 2011.
This compares with the restated profit and earnings per share of $24.5 million
and $0.05 respectively for the second quarter of 2010. Total operating revenues
for the second quarter were $96.0 million, total operating expenses were $70.7
million and other gain/losses net were $2.0 million. Net financial items were
negative with $10.9 million.
The Company reports a loss of $3 million and earnings per share of $-0.01 for
the first half of 2011. Total operating revenues were $178.7 million, total
operating expenses were $173.1 million and other gain/losses net were $6.2
million. Net financial for the first half of 2011 was negative with $14.8
million.
Cash and cash equivalents decreased by $38.1 million during the quarter. The
Company generated cash from operating activities of $36.1 million. The company
paid $43.5 million in installments in the quarter. The Company used $29.5
million net on financing activities during the quarter. The main item includes
drawdown of long term debt related to the newbuildings of $15.4 million,
interest paid of $6.3 million, repayment of long term debt of $19.1 million and
dividend payment of $18.0 million.
On August 25, 2011 the Board has declared a dividend of US $0.02 per share. The
record date for the dividend is September 7, 2011, ex dividend date is September
5, 2011 and the dividend will be paid on or about September 23, 2011.
The full report is available in the link below.
August 25, 2011
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 2011 Results:
http://hugin.info/135378/R/1541112/471358.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#1541112]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 08:03 Uhr
Sprache: Deutsch
News-ID 59115
Anzahl Zeichen: 3529
contact information:
Town:
Hamilton
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Interim Results for the Quarter and Half Year ended June 30, 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
Golden Ocean Group (Nachricht senden)
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