Dorian LPG Ltd. (LPG) has reported a 90.78 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $5.04 million, or $0.09 a share in the quarter, compared with $54.66 million, or $0.97 a share for the same period last year. On adjusted basis, net loss for the quarter stood at $19.34 million, or $0.36 a share compared with a net profit of $47.27 million, or $0.84 a share in the last year period.
Revenue during the quarter plunged 61.69 percent to $35.73 million from $93.28 million in the previous year period. Operating margin for the quarter stood at negative 9.67 percent as compared to a positive 57.90 percent for the previous year period.
Operating loss for the quarter was $3.45 million, compared with an operating income of $54.01 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.93 million compared with $68.74 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3471 basis points in the quarter to 38.97 percent from 73.69 percent in the last year period.
John Hadjipateras, chairman, president and chief executive officer, commented, "Our results for the quarter reflect our consistent chartering, good management of our costs, and focus on serving our customers well. Spot rates have moved favorably in the wake of OPEC cuts, but we remain cautious in our market outlook. I am confident in the abilities of our very experienced operational, commercial and financial management teams to ensure the company retains its leadership place amongst its peers and is best positioned to benefit its shareholders."
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