SCORPIO BULKERS INC (SALT) saw its loss narrow to $20.56 million, or $0.29 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $302.03 million, or $11.02 a share. Revenue during the quarter grew 21.93 percent to $26.85 million from $22.02 million in the previous year period.
Operating loss for the quarter was $14.09 million, compared with an operating loss of $291.13 million in the previous year period.
Operating cash flow remains negativeSCORPIO BULKERS has spent $52.20 million cash to meet operating activities during the year as against cash outgo of $35.14 million in the last year. The company has spent $235.38 million cash to meet investing activities during the year as against cash outgo of $656.08 million in the last year. It has incurred net capital expenditure of $235.38 million on net basis during the year, down 65.76 percent or $451.98 million from year ago.
Cash flow from financing activities was $189.01 million for the year, down 69.46 percent or $429.84 million, when compared with the last year.
Cash and cash equivalents stood at $101.73 million as on Dec. 31, 2016, down 49.21 percent or $98.57 million from $200.30 million on Dec. 31, 2015.
Debt moves up
SCORPIO BULKERS has witnessed an increase in total debt over the last one year. It stood at $579.47 million as on Dec. 31, 2016, up 11.07 percent or $57.75 million from $521.72 million on Dec. 31, 2015.
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