Farstad Shipping reports a profit after tax of minus 961 670 000 million in Q2 2016, compared to minus 119.55 million kroner in the same period last year.
Earnings per share were minus 24 , 66 million, against a loss of 3.07 million at the same crossroads last year.
the result before tax was 944.7 million kroner, compared to minus 110.9 million the year before.
EBITDA was 222.2 million kroner, down from 364.8 million kroner in the same quarter last year.
Operating profit (EBIT) was minus 849.43 million kroner, compared with minus 31.02 million the year before .
Cash flow from operations was 119.7 million kroner, down from 349.8 million kroner in the same quarter last year.
revenues amounted to 735.13 million kroner, compared with 1038.79 million in Q2 2015.
This poor performance is largely due to write-downs of 862.50 million relating to the company’s vessels.
in the quarterly report stated that background negative developments in brokers’ valuation of the fleet, as well as weak market outlook and uncertainty about the future.
Read the full report here.
Farstad Shipping has a fleet of 57 vessels (29 AHTS, 22 PSV and 6 SUBSEA) and 1 SUBSEA vessel under construction. Total number of employees on land and sea is 1.780.
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