Ocean Yield complies with the report of results

Ocean Yield achieved operating profit of $ 57.6 million in the second quarter of 2018, up from $ 49.5 million in the same period the previous year, according to the quarterly report. the company Thursday, according to TDN Direkt.

A $ 57 million operating profit was expected, according to the consensus estimate obtained by EMS Direct for TDN Direct.

Earnings per share amounted to $ 0.22 for the second quarter, compared with $ 0.20 per share for the same period last year.

The EBITDA was $ 84.3 million for the quarter of $ 69.8 million. At the same time last year, ebitda recorded a business turnover of $ 59.3 million, or $ 74.3 million.

For the second quarter of 2018, EBITDA was expected to reach $ 83 million and the business amounted to $ 93 million.

The board of directors of the company decided a dividend of $ 0.1910 per share of the second quarter of 2018, up 0.05 cent from the previous quarter

The book The company's orders at the end of the quarter were $ 3.6 billion on an ebitda-adjusted basis.

A satisfied CEO

– The strong activity of the first quarter continued in the second quarter, with investments in four container ships on long-term charters, writes CEO Lars Solbakken in the quarterly report . He adds that on the basis of the second quarter dividend, Ocean Yield share has a return of 8.8 percent per annum, and the company gives priority to the distribution of attractive and stable dividends.

Perspectives

The main objective of the next quarters will be to ensure a positive result for the FPSO Dhirubhai-1, whose contract expires in September 2018. The company indicates that Reliance Industries has an option of Purchase of the unit at a price of $ 255 million end of the contract period. In addition, the company is also considering work opportunities outside of India, according to TDN Direkt.

It is further indicated that Ocean Yield signed loan facilities of approximately $ 330 million with various banks during the second quarter. The company also reports that remaining American Shipping Company bonds sold in the second quarter resulted in a sale of $ 49.6 million

The proceeds will be used as equity in new transactions and in general purposes of the company.

Read the full report here.