Scorpio Tankers Inc (STNG) swung to a net loss for the quarter ended Dec. 31, 2016. The company has made a net loss of $29.67 million, or $ 0.18 a share in the quarter, against a net profit of $34.21 million, or $0.20 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $29.44 million, or $0.18 a share compared with a net profit of $36.34 million, or $0.21 a share in the last year period. Revenue during the quarter plunged 40.54 percent to $106.07 million from $178.40 million in the previous year period. Operating margin for the quarter stood at negative 7.35 percent as compared to a positive 33.15 percent for the previous year period.
Operating loss for the quarter was $7.80 million, compared with an operating income of $59.13 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $30 million compared with $99.52 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2750 basis points in the quarter to 28.28 percent from 55.79 percent in the last year period.
Operating cash flow drops significantly
Scorpio Tankers Inc has generated cash of $178.51 million from operating activities during the year, down 54.46 percent or $213.46 million, when compared with the last year. Cash flow from investing activities was $31.33 million from investing activities during the year as against cash outgo of $703.42 million in the last year.
The company has spent $310.93 million cash to carry out financing activities during the year as against cash inflow of $396.27 million in the last year period.
Cash and cash equivalents stood at $99.89 million as on Dec. 31, 2016, down 50.30 percent or $101.08 million from $200.97 million on Dec. 31, 2015.
Debt comes down
Scorpio Tankers Inc has recorded a decline in total debt over the last one year. It stood at $1,882.68 million as on Dec. 31, 2016, down 8.16 percent or $167.31 million from $2,049.99 million on Dec. 31, 2015.
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