Deep Sea Supply Plc Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016
Deep Sea Supply Plc reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported operating revenue of $16,494,000 compared to $40,315,000 a year ago. LBITDA was $11,575,000 compared to EBITDA of $21,999,000 a year ago. LBIT was $21,060,000 compared to EBIT of $10,617,000 a year ago. Pre-tax loss was $25,420,000 compared to profit of $4,346,000 a year ago. Loss for the quarter was $25,470,000 or $0.01 per diluted share compared to profit of $3,913,000 or $0.01 per diluted share a year ago. Net cash generated from operating activities was $4,769,000 compared to $25,323,000 a year ago. Acquisitions and upgrades of property, plant and equipment was $66,000 compared to $2,603,000 a year ago. Net interest bearing debt was $391.4 million by the end of first quarter 2016, which is a decrease of $15.9 million from end of fourth quarter 2015 due to ordinary repayment of borrowings and prepayment of borrowings related to sale of vessels.