Ship owner Ocean Yield has improved its results in the second quarter of the year and also presented stronger figures than for the first six months of 2016. Now the company plans to continue expansion and diversification of the fleet.
Total revenues and other income for Q2 2017 w[ds_preview]ere 82.2 mill. $ compared with 70.1 mill. $ for Q2 2016. EBITDA was 74.3 mill. $ in Q2 2017 compared with 63.4 mill. $ in Q2 2016. Adjusted for finance lease effects, the EBITDA was USD 83.1 million in Q2 2017 compared with USD 69.3 million in Q2 2016. Net profit before tax for Q2 2017 was 34.4 mill. $ compared with 29.5 mill. $ for Q2 2016. Ocean Yield CEO Lars Solbakken attributes the increase in EBITDA and net profit to delivery of three new vessels to the fleet.
Net profit after tax for Q2 2017 was 30.6 mill. $ compared with 25.5 mill. $ for Q2 2016. Adjusted for non-recurring items, currency fluctuations, mark-to-market of derivatives and change in deferred tax, the net profit for Q2 2017 was 33.5 mill. $ as compared with 31.6 mill. $ in Q2 2016.
Better first half year
Total revenues and other income for the first half 2017 were 160.8 mill. $ as compared with 136.2 mill. $ for the first half 2016. EBITDA was 145.5 mill. $ for the first half 2017, compared with 122.1 mill. $ for the first half 2016. Adjusted for finance lease effects, the adjusted EBITDA was 162.2 mill. $ in first half 2017, compared with 132.9 mill. $ in the first half of 2016.
Operating Profit was 96.3 mill. $ as compared with 73.0 mill. $ for the first half of 2016. Financial Income was USD 10.6 million in the first half of 2017 compared with USD 9.1 million in the first six months of 2016.
Net profit before tax was 74.9 mill. $ for the first half of 2017 compared with 51.2 mill. $ for the first half of 2016. Net profit after tax was 67.4 mill. $ for the first half of 2017 compared with 44.1 mill. $ for the first half of 2016.
»Continue to expand and diversify«
At the end of Q2 2017, Ocean Yield had 37 vessels in the fleet. The Company intends to continue to expand and diversify its fleet of vessels on long-term charter in order to strengthen the its earnings and dividend capacity.
»Given Ocean Yield’s strong balance sheet and liquidity position, the Company is well positioned to continue to grow its portfolio of vessels and is actively considering new investments in modern vessels on long-term charter«, Ocean Yield said in a statement.
