Scorpio Bulkers Inc. (SALT) saw its loss widen to $21.27 million, or $0.30 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $18.05 million, or $0.66 a share. On an adjusted basis, net loss for the quarter stood at $16.35 million, or $0.60 a share.
Revenue during the quarter surged 57.67 percent to $23.94 million from $15.18 million in the previous year period.
Operating loss for the quarter was $16.24 million, compared with an operating loss of $16.22 million in the previous year period.
Operating cash flow remains negative
Scorpio Bulkers Inc. has spent $50.11 million cash to meet operating activities during the nine month period as against cash outgo of $17.38 million in the last year period.
The company has spent $129 million cash to meet investing activities during the nine month period as against cash outgo of $474.42 million in the last year period. It has incurred net capital expenditure of $129 million on net basis during the nine month period, down 74.49 percent or $376.69 million from year ago period.
Cash flow from financing activities was $179.70 million for the nine month period, down 63.57 percent or $313.52 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $200.89 million as at Sep. 30, 2016.
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