Global Ship Lease, Inc. (GSL) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $54.31 million, or $ 1.15 a share in the quarter, against a net profit of $7.01 million, or $0.13 a share in the last year period. Revenue during the quarter dropped 5.91 percent to $41.43 million from $44.03 million in the previous year period.
Operating loss for the quarter was $44.90 million, compared with an operating income of $19.41 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $28.58 million compared with $30.35 million in the prior year period. At the same time, adjusted EBITDA margin improved 6 basis points in the quarter to 68.99 percent from 68.93 percent in the last year period.
Ian Webber, chief executive officer of Global Ship Lease, stated, "In 2016, we maintained a strong focus on maximizing the profitability of our long-term, fixed-rate time charters and ensuring our insulation and resilience in the face of a challenging market environment. Throughout the year, we made progress in reducing our vessel operating costs, successfully extending the contract durations of two of our vessels chartered to CMA CGM, and meaningfully strengthening our balance sheet."
Operating cash flow improvesGlobal Ship Lease, Inc. has generated cash of $71.15 million from operating activities during the year, up 14.14 percent or $8.81 million, when compared with the last year. The company has spent $6.94 million cash to meet investing activities during the year as against cash outgo of $101.22 million in the last year.
The company has spent $63.56 million cash to carry out financing activities during the year as against cash inflow of $59.18 million in the last year period.
Cash and cash equivalents stood at $54.24 million as on Dec. 31, 2016, up 1.22 percent or $0.65 million from $53.59 million on Dec. 31, 2015.
Debt comes down
Global Ship Lease, Inc. has recorded a decline in total debt over the last one year. It stood at $419.87 million as on Dec. 31, 2016, down 12.17 percent or $58.20 million from $478.07 million on Dec. 31, 2015.
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