Navios Maritime Acquisition (NNA) has reported 76.38 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $5.62 million, or $0.04 a share in the quarter, compared with $23.77 million, or $0.15 a share for the same period last year. Revenue during the quarter dropped 19.82 percent to $64.48 million from $80.42 million in the previous year period. Gross margin for the quarter contracted 375 basis points over the previous year period to 93.69 percent. Total expenses were 68.97 percent of quarterly revenues, up from 55.54 percent for the same period last year. That has resulted in a contraction of 1343 basis points in operating margin to 31.03 percent.
Angeliki Frangou, chairman and chief executive officer of Navios Acquisition stated, "For the first quarter of 2017, Navios Acquisition reported EBITDA of $37.4 million and Net income of $5.6 million. We also declared a dividend of $0.05 per share for the quarter, resulting in a dividend yield of approximately 12.0%."
Operating cash flow improvesNavios Maritime Acquisition has generated cash of $27.58 million from operating activities during the quarter, up 5.85 percent or $1.52 million, when compared with the last year period. The company has spent $2.47 million cash to meet investing activities during the quarter as against cash inflow of $15.09 million in the last year period.
The company has spent $15.43 million cash to carry out financing activities during the quarter as against cash outgo of $31.32 million in the last year period.
Cash and cash equivalents stood at $58.97 million as on Mar. 31, 2017, down 8.77 percent or $5.67 million from $64.64 million on Mar. 31, 2016.
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