Seaspan Corp (SSW) has reported a 461.49 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $40.02 million, or $0.22 a share in the quarter, compared with $7.13 million, or $0.06 a share for the same period last year. Revenue during the quarter dropped 6.59 percent to $201.32 million from $215.52 million in the previous year period. Total expenses were 64.85 percent of quarterly revenues, up from 60.50 percent for the same period last year. That has resulted in a contraction of 436 basis points in operating margin to 35.15 percent.
Operating income for the quarter was $70.76 million, compared with $85.14 million in the previous year period.
Operating cash flow falls marginally
Seaspan Corp has generated cash of $76.92 million from operating activities during the quarter, down 1.26 percent or $ 0.98 million, when compared with the last year period. The company has spent $15.34 million cash to meet investing activities during the quarter as against cash outgo of $130.01 million in the last year period.
The company has spent $133.83 million cash to carry out financing activities during the quarter as against cash inflow of $94.84 million in the last year period.
Cash and cash equivalents stood at $295.65 million as on Mar. 31, 2017, up 14.48 percent or $37.40 million from $258.25 million on Mar. 31, 2016.
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