Scorpio Tankers Inc. (STNG) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $11.53 million, or $ 0.07 a share in the quarter, against a net profit of $28.03 million, or $0.17 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $11.47 million, or $0.07 a share compared with a net profit of $30.46 million, or $0.19 a share in the last year period. Revenue during the quarter dropped 25.63 percent to $122.80 million from $165.13 million in the previous year period. Total expenses were 91.63 percent of quarterly revenues, up from 68.72 percent for the same period last year. That has resulted in a contraction of 2291 basis points in operating margin to 8.37 percent.
Operating income for the quarter was $10.28 million, compared with $51.66 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $46.87 million compared with $92.36 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1777 basis points in the quarter to 38.17 percent from 55.93 percent in the last year period.
Operating cash flow drops significantly
Scorpio Tankers Inc has generated cash of $33.54 million from operating activities during the quarter, down 57.47 percent or $ 45.33 million, when compared with the last year period. The company has spent $83.30 million cash to meet investing activities during the quarter as against cash outgo of $11.85 million in the last year period.
Cash flow from financing activities was $79.33 million for the quarter as against cash outgo of $98.76 million in the last year period.
Cash and cash equivalents stood at $129.46 million as on Mar. 31, 2017, down 23.50 percent or $39.77 million from $169.23 million on Mar. 31, 2016.
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