Highlights
· Golden Ocean reports profit of $11.1 million for the third quarter of 2011
· The Company took delivery of Golden Enterprise in September 2011
· The Company will take delivery of the first vessel from Pipavav shipyard within November 2011
· Golden Ocean will not pay dividends for the third quarter of 2011
Third Quarter and Interim nine months 2011 Results
Golden Ocean Group Limited (the "Company" or "Golden Ocean") reports a profit of $11.1 million and earnings per share of $0.02 for the third quarter of 2011. This compares with the restated profit and earnings per share of $38.7 million and $0.08 respectively for the third quarter of 2010. Total operating revenues for the third quarter were $71.6 million, total operating expenses were $48.7 million and other gain/losses net were $1.6 million. Net financial items were negative with $13.4 million.
The Company reports a profit of $8.1 million and earnings per share of $0.02 for the interim nine months of 2011. Total operating revenues were $250.2 million, total operating expenses were $221.8 million and other gain/losses net were $7.8 million. Net financial items for the interim nine months of 2011 were negative with $28.2 million.
Cash and cash equivalents increased by $13.0 million during the quarter. The Company generated cash from operating activities of $26.0 million. The company paid $15.4 million in installments and other predelivery costs in the quarter. Financing activities provided $2.0 million net to the Company during the quarter. This includes drawdown of long term debt related to the newbuildings of $33.6 million, interest paid of $6.7 million, repayment of long term debt of $13.6 million and dividend payment of $9.1 million.
The full report is available in the link below.
November 18, 2011
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
Questions should be directed to:
Herman Billung: CEO Golden Ocean Management AS
+47 22 01 73 41
Birgitte Ringstad Vartdal: CFO Golden Ocean Management AS
+47 22 01 73 53
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Golden Ocean Group via Thomson Reuters ONE
