Scorpio Tankers Inc (STNG) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $27.12 million, or $ 0.17 a share in the quarter, against a net profit of $85.25 million, or $0.44 a share in the last year period. On adjusted basis, net loss for the quarter stood at $18.31 million, or $0.11 a share compared with a net profit of $88.12 million, or $0.46 a share in the last year period. Revenue during the quarter plunged 49.88 percent to $114.34 million from $228.14 million in the previous year period. Total expenses were 96.59 percent of quarterly revenues, up from 52.07 percent for the same period last year. That has resulted in a contraction of 4451 basis points in operating margin to 3.41 percent.
Operating income for the quarter was $3.90 million, compared with $109.34 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $42.08 million compared with $150.84 million in the prior year period. At the same time, adjusted EBITDA margin contracted 2931 basis points in the quarter to 36.80 percent from 66.12 percent in the last year period.
Operating cash flow drops significantly
Scorpio Tankers Inc has generated cash of $155.34 million from operating activities during the nine month period, down 45.68 percent or $130.62 million, when compared with the last year period. Cash flow from investing activities was $46.39 million for the nine month period as against cash outgo of $674.54 million in the last year period.
The company has spent $263.71 million cash to carry out financing activities during the nine month period as against cash inflow of $445.48 million in the last year period.
Cash and cash equivalents stood at $138.99 million as on Sep. 30, 2016, down 19.68 percent or $34.05 million from $173.04 million on Sep. 30, 2015.
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