DHT Holdings, Inc. (DTH) has reported a 45.02 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $17.83 million, or $0.18 a share in the quarter, compared with $32.43 million, or $0.31 a share for the same period last year.
Revenue during the quarter dropped 10.31 percent to $84.89 million from $94.65 million in the previous year period. Total expenses were 69.85 percent of quarterly revenues, up from 59.17 percent for the same period last year. That has resulted in a contraction of 1068 basis points in operating margin to 30.15 percent.
Operating income for the quarter was $25.60 million, compared with $38.65 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $46.66 million compared with $59.55 million in the prior year period. At the same time, adjusted EBITDA margin contracted 795 basis points in the quarter to 54.97 percent from 62.92 percent in the last year period.
Operating cash flow improves
DHT Holdings, Inc. has generated cash of $194.01 million from operating activities during the year, up 6.88 percent or $12.48 million, when compared with the last year.
The company has spent $213.03 million cash to meet investing activities during the year as against cash outgo of $125.91 million in the last year.
The company has spent $38.45 million cash to carry out financing activities during the year as against cash outgo of $55.53 million in the last year period.
Cash and cash equivalents stood at $109.30 million as on Dec. 31, 2016, down 34.47 percent or $57.48 million from $166.78 million on Dec. 31, 2015.
Debt moves up
DHT Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $701.50 million as on Dec. 31, 2016, up 5.89 percent or $39.03 million from $662.47 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.79 for the quarter from 4.82 for the same period last year.
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