GasLog Ltd. (GLOG) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $23.39 million, or $ 0.08 a share in the quarter, against a net loss of $5.30 million, or $0.23 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $21.92 million, or $0.06 a share compared with $6.19 million or $0.09 a share, a year ago. Revenue during the quarter grew 22.91 percent to $128.28 million from $104.38 million in the previous year period. Total expenses were 57.21 percent of quarterly revenues, down from 67.66 percent for the same period last year. This has led to an improvement of 1045 basis points in operating margin to 42.79 percent.
Operating income for the quarter was $54.90 million, compared with $33.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $89.34 million compared with $62.21 million in the prior year period. At the same time, adjusted EBITDA margin improved 1004 basis points in the quarter to 69.64 percent from 59.60 percent in the last year period.
Paul Wogan, Chief Executive Officer, stated: "GasLog had another active quarter, achieving record revenues and EBITDA for the Company. During the period, GasLog Partners raised $78.0 million in new equity and we subsequently announced the sale of the GasLog Greece to GasLog Partners for $219.0 million. This second dropdown transaction in six months demonstrates GasLog Partner’s ability to recycle capital through the business to support GasLog’s ambitious LNG carrier and FSRU growth plans."
Operating cash flow improves
GasLog Ltd. has generated cash of $49.51 million from operating activities during the quarter, up 11.78 percent or $5.22 million, when compared with the last year period. The company has spent $18.06 million cash to meet investing activities during the quarter as against cash outgo of $192.15 million in the last year period.
Cash flow from financing activities was $274.24 million for the quarter, up 113.08 percent or $145.53 million, when compared with the last year period.
Cash and cash equivalents stood at $532.78 million as on Mar. 31, 2017, up 87.58 percent or $248.75 million from $284.03 million on Mar. 31, 2016.
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