TerraForm Global, Inc (GLBL) saw its loss narrow to $6.25 million in the quarter ended compared with $11.22 million, a year ago. Revenue during the quarter surged 167.81 percent to $47.69 million from $17.81 million in the previous year period. Total expenses were 94.35 percent of quarterly revenues, up from 64.64 percent for the same period last year. That has resulted in a contraction of 2971 basis points in operating margin to 5.65 percent.
Operating income for the quarter was $2.69 million, compared with $6.30 million in the previous year period.
“In addition to TerraForm Global’s 2015 financial results announced on Wednesday, the reporting of our first quarter 2016 results demonstrates further progress toward regaining regulatory compliance,” said Peter Blackmore, Chairman and Interim Chief executive officer of TerraForm Global. “We expect to complete the remaining 2016 filings and regain full compliance by March 2017. Moving forward, our Board and management team remain dedicated to operational excellence and will continue to take actions that best position the company for success and deliver value to shareholders.”
Operating cash flow turns negativeTerraForm Global, Inc has spent $7.23 million cash to meet operating activities during the quarter as against cash inflow of $1.37 million in the last year period. Cash flow from investing activities was $24.11 million for the quarter as against cash outgo of $52.49 million in the last year period.
The company has spent $22.83 million cash to carry out financing activities during the quarter as against cash inflow of $37.95 million in the last year period.
Cash and cash equivalents stood at stood at $921.51 million as at Mar. 31, 2016.
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