Dorian LPG Ltd. (LPG) has reported a 90.30 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $1.96 million, or $0.04 a share in the quarter, compared with $20.16 million, or $0.36 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1 million, or $0.02 a share compared with $33.76 million or $0.60 a share, a year ago.
Revenue during the quarter plunged 44.24 percent to $47.59 million from $85.34 million in the previous year period. Total expenses were 80.57 percent of quarterly revenues, up from 50.68 percent for the same period last year. That has resulted in a contraction of 2989 basis points in operating margin to 19.43 percent.
Operating income for the quarter was $9.24 million, compared with $42.09 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $26.52 million compared with $59.07 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1349 basis points in the quarter to 55.74 percent from 69.22 percent in the last year period.
John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "Our results for the quarter and the year are a reflection of our consistent chartering strategy and our ongoing efforts to control expenses. We remain focused on efficiently managing our business in an earnings environment which we hope will improve as world fleet growth abates and global LPG trade fundamentals continue to develop favorably both in terms of import demand and supply of cargoes for export."
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