Ship Finance International LTD (SFL) has reported a 13.16 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $32.28 million, or $0.35 a share in the quarter, compared with $28.53 million, or $0.31 a share for the same period last year.
Revenue during the quarter went down marginally by 0.99 percent to $96.88 million from $97.85 million in the previous year period. Total expenses were 59 percent of quarterly revenues, down from 65.51 percent for the same period last year. This has led to an improvement of 651 basis points in operating margin to 41 percent.
Operating income for the quarter was $39.72 million, compared with $33.75 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $118.68 million compared with $120.64 million in the prior year period.
Operating cash flow declines
Ship Finance International has generated cash of $45.52 million from operating activities during the quarter, down 9.32 percent or $ 4.68 million, when compared with the last year period.
Cash flow from investing activities was $14.05 million for the quarter as against cash outgo of $0.39 million in the last year period.
The company has spent $60.40 million cash to carry out financing activities during the quarter as against cash outgo of $50.85 million in the last year period.
Cash and cash equivalents stood at stood at $61.55 million as at Mar. 31, 2017.
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