Concordia Maritime posts first half results

2016-07-29

Concordia Maritime posts first half results

Total income, Q2: SEK 280.8 (285.6) million, 6 months: SEK 544.4 (546.6) million

EBITDA, Q2: SEK 57.2 (105.2) million, 6 months: SEK 160.6 (192.5) million

Result before tax, Q2: SEK 12.4 (44.0) million, 6 months: SEK 45.8 (72.2) million

Result per share after tax, Q2: SEK 0.26 (0.92), 6 months: SEK 0.96 (1.51)

P-MAX vessel Stena Polaris chartered out. The contract is for one year and runs from May 2016.

Agreement reached on settlement of the arbitration dispute. Cost and payment of USD 9.25 million during the second quarter.

IMOIIMAX-related additional payment of USD 5 million received during the second quarter.

Positive earnings effect and payment of SEK 23 million from completed USD hedge position during the second quarter.

Key ratios

Total income, SEK million 544.4 (546.6)

EBITDA, SEK million 160.6 (192.5)

EBITDA, USD million 19.3 (23.1)

Operating result, SEK million 45.1 (91.4)

Result after tax, SEK million 45.8 (72.2)

Equity ratio, % 44 (42)

Return on equity, % 8 (2)

Available liquid funds, including unutilised credit facilities, SEK million 385.9 (229.5)

Result per share after tax, SEK 0.96 (1.51)

Equity per share, SEK 39.83 (36.34)

Source from : International Shipping News

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