Nordic American Tanker Ltd (NAT) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $7.57 million, or $ 0.08 a share in the quarter, against a net profit of $25.83 million, or $0.29 a share in the last year period.
Revenue during the quarter plunged 31.21 percent to $45.86 million from $66.67 million in the previous year period. Operating margin for the quarter stood at negative 4.77 percent as compared to a positive 43.61 percent for the previous year period.
Operating loss for the quarter was $2.19 million, compared with an operating income of $29.08 million in the previous year period.
Operating cash flow declines
Nordic American Tanker Ltd has generated cash of $124.28 million from operating activities during the nine month period, down 10.73 percent or $14.93 million, when compared with the last year period.
The company has spent $140.52 million cash to meet investing activities during the nine month period as against cash outgo of $103.30 million in the last year period.
Cash flow from financing activities was $137.87 million for the nine month period as against cash outgo of $89.18 million in the last year period.
Cash and cash equivalents stood at $151.55 million as on Sep. 30, 2016, up 219.89 percent or $104.18 million from $47.38 million on Sep. 30, 2015.
Debt increases substantially
Nordic American Tanker Ltd has witnessed an increase in total debt over the last one year. It stood at $442.47 million as on Sep. 30, 2016, up 77.92 percent or $193.78 million from $248.69 million on Sep. 30, 2015. Nordic American Tanker Shipping has witnessed an increase in long-term debt over the last one year. It stood at $442.47 million as on Sep. 30, 2016, up 77.92 percent or $193.78 million from $248.69 million on Sep. 30, 2015.
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