Navios Maritime Acquisition (NNA) has reported 62.02 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $8.82 million, or $0.06 a share in the quarter, compared with $23.22 million, or $0.14 a share for the same period last year.
Revenue during the quarter dropped 12.39 percent to $68.07 million from $77.69 million in the previous year period. Gross margin for the quarter contracted 86 basis points over the previous year period to 97.31 percent. Total expenses were 65.28 percent of quarterly revenues, up from 53.05 percent for the same period last year. That has resulted in a contraction of 1223 basis points in operating margin to 34.72 percent.
Angeliki Frangou, chairman and chief executive officer of Navios Acquisition stated, "Navios Acquisition recorded a net income of $44.8 million or $0.28 per share for the first nine months of 2016, of which $8.8 million, or $0.06 per share, was recorded in the third quarter. EBITDA for the first nine months of 2016 was $144.7 million, of which $41.7 million was recorded in the third quarter. Profit sharing captured market upside and earned $7.7 million during the first nine months of 2016, including $0.3 million in the third quarter. We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of about 16%."
Operating cash flow falls marginallyNavios Maritime Acquisition has generated cash of $90.34 million from operating activities during the nine month period, down 1.25 percent or $1.15 million, when compared with the last year period. The company has spent $30.17 million cash to meet investing activities during the nine month period as against cash inflow of $29.60 million in the last year period
The company has spent $71.74 million cash to carry out financing activities during the nine month period as against cash outgo of $99.85 million in the last year period.
Cash and cash equivalents stood at stood at $49.05 million as at Sep. 30, 2016.
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