GasLog Ltd. (GLOG) saw its loss widen to $29.05 million, or $0.39 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $7.28 million, or $0.12 a share. On the other hand, adjusted net income for the quarter stood at $19.53 million, or $0.05 a share compared with $10.79 million or $0.05 a share, a year ago.
Revenue during the quarter grew 14.12 percent to $120.73 million from $105.79 million in the previous year period. Total expenses were 59.35 percent of quarterly revenues, down from 64.96 percent for the same period last year. This has led to an improvement of 561 basis points in operating margin to 40.65 percent.
Operating income for the quarter was $49.08 million, compared with $37.07 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $81.10 million compared with $65.68 million in the prior year period. At the same time, adjusted EBITDA margin improved 509 basis points in the quarter to 67.17 percent from 62.09 percent in the last year period.
Paul Wogan, Chief Executive Officer, stated: "In recent weeks, GasLog added Total and Centrica as long-term customers. We are delighted to broaden our customer base with two leaders in the global energy sector and we look forward to building these relationships as they develop their own LNG businesses. In September and October, we took delivery of two newbuildings, the GasLog Geneva and the GasLog Gibraltar, both of which have now commenced seven year charters with Shell. GasLog has a further five newbuildings on order, all of which have firm contracts of between seven and ten years."
Operating cash flow improves significantly
GasLog Ltd. has generated cash of $182.55 million from operating activities during the nine month period, up 55.35 percent or $65.04 million, when compared with the last year period.
The company has spent $568.71 million cash to meet investing activities during the nine month period as against cash outgo of $719.17 million in the last year period.
Cash flow from financing activities was $327.95 million for the nine month period, down 53.72 percent or $380.75 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $244.66 million as at Sep. 30, 2016.
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