Global Ship Lease, Inc. (GSL) has reported a 42.03 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $7.56 million, or $0.14 a share in the quarter, compared with $5.32 million, or $0.10 a share for the same period last year. Revenue during the quarter dropped 6.97 percent to $39.64 million from $42.61 million in the previous year period. Total expenses were 53.50 percent of quarterly revenues, down from 56.85 percent for the same period last year. This has led to an improvement of 335 basis points in operating margin to 46.50 percent.
Operating income for the quarter was $18.43 million, compared with $18.38 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $28.03 million compared with $29.32 million in the prior year period. At the same time, adjusted EBITDA margin improved 191 basis points in the quarter to 70.72 percent from 68.81 percent in the last year period.
Ian Webber, chief executive officer of Global Ship Lease, stated, "During the first quarter of 2017, we continued to execute our core strategy, maximizing the value of our long-term time charters with high-quality counterparties, maintaining high levels of vessel utilization and closely controlling costs. Our success in this regard has enabled us to continue generating strong, stable cashflows."
Operating cash flow improves
Global Ship Lease, Inc. has generated cash of $8.18 million from operating activities during the quarter, up 13.02 percent or $0.94 million, when compared with the last year period. The company has spent $1.72 million cash to meet investing activities during the quarter as against cash outgo of $0.16 million in the last year period.
The company has spent $3.69 million cash to carry out financing activities during the quarter as against cash outgo of $30.15 million in the last year period.
Cash and cash equivalents stood at $57.02 million as on Mar. 31, 2017, up 86.81 percent or $26.50 million from $30.52 million on Mar. 31, 2016.
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