Ardmore Shipping Corporation (ASC) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $2.17 million, or $ 0.06 a share in the quarter, against a net profit of $6.74 million, or $0.26 a share in the last year period. Revenue during the quarter grew 14.08 percent to $49.67 million from $43.54 million in the previous year period. Total expenses were 94.63 percent of quarterly revenues, up from 74.34 percent for the same period last year. That has resulted in a contraction of 2029 basis points in operating margin to 5.37 percent.
Operating income for the quarter was $2.67 million, compared with $11.17 million in the previous year period.
Anthony Gurnee, the Company chief executive officer, commented: "We are satisfied with our performance in the first quarter, as our fleet continued to perform well under soft charter market conditions. Following delivery of the last of the recently acquired Eco-Design MRs in November 2016, this was the first quarter with all six vessels in operation; these vessels made a very positive contribution to our financial performance in the quarter, as their high specifications and low breakeven costs resulted in significant accretion to operating income in a challenging market.
Operating cash flow drops significantlyArdmore Shipping Corporation has generated cash of $0.81 million from operating activities during the quarter, down 95.42 percent or $ 16.80 million, when compared with the last year period. The company has spent $0.17 million cash to meet investing activities during the quarter as against cash outgo of $1 million in the last year period.
The company has spent $11.35 million cash to carry out financing activities during the quarter as against cash outgo of $9.24 million in the last year period.
Cash and cash equivalents stood at $45.24 million as on Mar. 31, 2017, down 4.70 percent or $2.23 million from $47.47 million on Mar. 31, 2016.
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