Gulfport Energy Corp (GPOR) saw its loss narrow to $240.37 million, or $1.86 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $830.87 million, or $7.67 a share. On an adjusted basis, net profit for the quarter stood at $44.25 million, or $0.34 a share compared with a net loss of $0.61 million, or $0.01 a share in the last year period.
Revenue during the quarter plunged 66.66 percent to $63.42 million from $190.23 million in the previous year period. Gross margin for the quarter contracted 5263 basis points over the previous year period to 25.44 percent.
Operating loss for the quarter was $190.95 million, compared with an operating loss of $812.38 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $125.15 million compared with $95.20 million in the prior year period.
Working capital increases sharply
Gulfport Energy Corp has recorded an increase in the working capital over the last year. It stood at $1,223.96 million as at Dec. 31, 2016, up 8,035.36 percent or $1,208.92 million from $15.04 million on Dec. 31, 2015. Current ratio was at 4.18 as on Dec. 31, 2016, up from 1.05 on Dec. 31, 2015.
Debt increases substantially
Gulfport Energy Corp has witnessed an increase in total debt over the last one year. It stood at $1,593.88 million as on Dec. 31, 2016, up 68.44 percent or $647.61 million from $946.26 million on Dec. 31, 2015. Total debt was 37.74 percent of total assets as on Dec. 31, 2016, compared with 28.38 percent on Dec. 31, 2015. Debt to equity ratio was at 0.73 as on Dec. 31, 2016, up from 0.46 as on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
