North Atlantic Drilling (NADL) saw its loss narrow to $56.90 million, or $2.36 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $108.80 million, or $4.51 a share. Revenue during the quarter plunged 45.61 percent to $81.80 million from $150.40 million in the previous year period. Gross margin for the quarter contracted 1394 basis points over the previous year period to 49.02 percent. Operating margin for the quarter stood at negative 30.44 percent as compared to a negative 40.62 percent for the previous year period.
Operating loss for the quarter was $24.90 million, compared with an operating loss of $61.10 million in the previous year period.
Operating cash flow drops significantlyNorth Atlantic Drilling has generated cash of $128.70 million from operating activities during the year, down 62.14 percent or $211.20 million, when compared with the last year. Cash flow from investing activities was $1.30 million from investing activities during the year as against cash outgo of $39 million in the last year.
The company has spent $218.20 million cash to carry out financing activities during the year as against cash outgo of $264.10 million in the last year period.
Cash and cash equivalents stood at $68.70 million as on Dec. 31, 2016, down 54.47 percent or $82.20 million from $150.90 million on Dec. 31, 2015.
Debt comes down
North Atlantic Drilling has recorded a decline in total debt over the last one year. It stood at $1,959 million as on Dec. 31, 2016, down 7.33 percent or $154.90 million from $2,113.90 million 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
