Business & Finance
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Monaco-based Scorpio Bulkers has announced its financial results for 2016, showing a much-reduced loss compared to the previous year.
For the year ended December 31, 2016, the shipping company’s adjusted net loss was $99.9 million, or $1.78 adjusted loss per diluted share. This excludes a loss/write-off of vessels and assets held for sale of $12.4 million, the write off of deferred financing costs on credit facilities that will no longer be used of $2.5 million and a charter hire contract termination fee of $10.0 million. These adjustments total a $0.44 loss per diluted share.
For comparison, in the year ended December 31, 2015, the company had a GAAP net loss of $510.8 million, or $23.86 loss per diluted share. The company’s adjusted net loss was $71.8 million or $3.36 adjusted loss per diluted share. This excludes a write down on assets held for sale of $422.9 million and the write off of deferred financing costs on credit facilities that will no longer be used of $16.1 million, or $20.50 loss per share.
As of February 3, 2017, the company had approximately $141.9 million in cash and cash equivalents.
China's Chimelong Group has participated as a partner in the Monte-Carlo International Circus Festival for the first time ever, deepening the friendship between China and Monaco.
More than 350 economic players came together for the first MEB Members Meeting of the year, during which a full calendar of events for 2020 was unveiled.
Company news will pick up pace this week, with fourth-quarter earnings being published for more than 800 companies. That said, key macro data and economic news will also remain on investors’ watch list.
The Monegasque Department of Labour is taking its commitment to the Extended Monaco programme to the next level with a restructured system for employees and job seekers.