Diana Shipping (DSX) saw its loss widen to $23.26 million, or $0.31 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $22.50 million, or $0.30 a share.
Revenue during the quarter dropped 26.81 percent to $28.02 million from $38.28 million in the previous year period. Operating margin for the quarter stood at negative 58.06 percent as compared to a negative 41.44 percent for the previous year period.
Operating loss for the quarter was $16.27 million, compared with an operating loss of $15.86 million in the previous year period.
Operating cash flow turns negative
Diana Shipping has spent $21 million cash to meet operating activities during the year as against cash inflow of $23.94 million in the last year.
The company has spent $41.62 million cash to meet investing activities during the year as against cash outgo of $155.64 million in the last year.
The company has spent $10.96 million cash to carry out financing activities during the year as against cash inflow of $104.01 million in the last year period.
Cash and cash equivalents stood at $98.14 million as on Dec. 31, 2016, down 42.85 percent or $73.58 million from $171.72 million on Dec. 31, 2015.
Debt remains almost stable
Total debt of Diana Shipping remained almost stable for the quarter at $598.18 million, when compared with the last year period. Short-term debt of Diana Shipping remained almost stable for the quarter at $598.18 million, when compared with the last year period.
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