Consolidated statement of profit or loss

US$ Thousand Q1 2017 Q1 2016

Revenue

91.938

93.374

Voyage costs

(25.372)

(18.294)

Time charter equivalent earnings

66.566

75.080

Time charter hire costs

(28.928)

(31.435)

Other direct operating costs

(19.905)

(18.128)

General and administrative costs

(3.902)

(3.979)

Other operating income

-

48

Result on disposal of vessels

2.677

-

EBITDA

16.508

21.586

Depreciation

(9.223)

(8.863)

EBIT

7.285

12.723

Net financial income

1.513

1.052

Net financial (charges)

(6.870)

(6.447)

Share of profit of associate

81

(20)

Profit/ (loss) before tax

2.009

7.308

Income taxes

(177)

(117)

Net profit / (loss)

1.832

7.191

The net result is entirely attributable to the equity holders of the Company

Earnings/(loss) per share 4

US$ 0.004

US$ 0.017



Consolidated Statement of Other Comprehensive Income

US$ Thousand Q1 2017 Q1 2016

Profit / (loss) for the period

1.832

7.191

Items that may be reclassified subsequently into profit or loss

 

 

Movement of valuation of Cash flow hedges

551

(7.602)

Exchange differences in translating foreign operations

28

38

Total comprehensive income for the period

2.411

(373)

The net result is entirely attributable to the equity holders of the Company

Earnings / (loss) per share

US$ 0,006

US$ (0,001)

4 In the first quarter of 2017 the earnings per share have been calculated on an average number of outstanding shares equal to 420,750,329 while in the first quarter of 2016 the earnings per share have been calculated on an average number of outstanding shares equal to 414,814,045. Diluted e.p.s. in Q1 2017 were US$0.006, while there were no diluted e.p.s. in Q1 2016.

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