Scorpio Bulkers Inc. (SALT) saw its loss narrow to $34.56 million, or $0.48 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $58.26 million, or $1.96 a share. On the other hand, adjusted net loss for the quarter narrowed to $16.39 million, or $0.23 a share from a loss of $33.37 million or $1.12 a share, a year ago.
Revenue during the quarter surged 239.01 percent to $34.73 million from $10.24 million in the previous year period.
Operating loss for the quarter was $26.17 million, compared with an operating loss of $51.19 million in the previous year period.
Operating cash flow remains negative
Scorpio Bulkers Inc. has spent $1.74 million cash to meet operating activities during the quarter as against cash outgo of $27.52 million in the last year period.
The company has spent $22.42 million cash to meet investing activities during the quarter as against cash inflow of $22.57 million in the last year period.
Cash flow from financing activities was $49.02 million for the quarter, up 40.69 percent or $14.18 million, when compared with the last year period.
Cash and cash equivalents stood at stood at $126.60 million as at Mar. 31, 2017.
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