FOURTH QUARTER 2016 RESULTS
The Group reports a loss before taxes of $1 164 809 and a loss
after taxes of $2 036 544 in the fourth quarter.
The operating loss in the fourth quarter was $860 730. The
fourth quarter of 2016 is the start-up quarter for the Company
and operating results are influenced by start-up costs and
limited active operations as the first vessel was delivered in
December 2016. An expense of $399 581 relates to issued
warrants to employees, which is a non-cash expense.
Net financial expenses was $304 080. The main item is a non-
cash financial expense of $326 930 related to warrants issued
to shareholders.
As a consequence of foreign exchange gain in NOK on bank
deposits denominated in USD, the Group reports an Income tax
expense of $871 734 of which $393 773 is payable.
Cash and bank deposits are $57.7 million. Net proceeds from
increase of capital was $72.8 million while $15.0 million were
used in investing in vessels.
Please find full report attached
For further information please contact
Herman Billung
hb@blystad.no