North Atlantic Drilling Ltd (NADL) saw its loss widen to $56.40 million, or $2.34 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.90 million, or $0.20 a share. Revenue during the quarter plunged 52.11 percent to $72.60 million from $151.60 million in the previous year period. Gross margin for the quarter contracted 1062 basis points over the previous year period to 56.20 percent. Operating margin for the quarter stood at negative 33.75 percent as compared to a positive 21.77 percent for the previous year period.
Operating loss for the quarter was $24.50 million, compared with an operating income of $33 million in the previous year period.
Operating cash flow turns positive
North Atlantic Drilling Ltd has generated cash of $25.80 million from operating activities during the quarter as against cash outgo of $15 million in the last year period. Cash flow from investing activities was unchanged at $2.30 million for the quarter, when compared with the last year period.
Cash flow from financing activities was unchanged at negative $53.50 million for the quarter, when compared with the last year.
Cash and cash equivalents stood at $42.90 million as on Mar. 31, 2017, down 50.92 percent or $44.50 million from $87.40 million on Mar. 31, 2016.
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
