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.
Monaco has presented its business credential at the 2nd China International Import Expo (CIIE) in Shanghai. On the initiative of Monaco’s Embassy in China with the MEB’s support, the Principality of Monaco had a stand at the expo from 5th to 10th November, providing a unique opening into the market of the world’s second largest economy. […]
With quarterly earnings season coming to an end, investors will be examining the heavy load of key macro data that is expected next week. Inflation readings from major developed markets are likely to tell a similar story. Inflation continues to remain muted in the US, UK and eurozone, as global growth weakens and monetary easing […]
Minister of Finance and Economy Jean Castellini has presented the economic attractiveness of the Principality to more than a hundred financial experts from across the globe. The Central Banks Seminar was held in Monaco on Wednesday, during which the government spoke of the specifics that make it an attractive country economically and an attractive financial […]
Monaco’s interest in China, and an increasing interest of the Chinese in Monaco, is being highlighted with two recent events in the People’s Republic showcasing the Principality and what it has to offer. The Monaco Embassy in Beijing organised ‘Monaco Day’ in advance of the Principality’s National Day coming up on 19th November. The goal […]
Agricorp Invest SA, a unit of the Monaco-registered group Monaco Resources, has acquired a majority stake in the Macedonian mushroom and vegetable processing plant, Bonum, the company said.
Agricorp Invest S.A., via its wholly owned subsidiary Agri Food Invest Luxembourg, which operates and develops agricultural and food projects in Africa, Europe and Asia, said in a statement it “is pleased to announce a diversification of its portfolio by investing in Bonum, a company based in Skopje and near Kumanovo, in the Republic of Macedonia.” The value of the deal was not disclosed.
Commenting on the deal in a Facebook post, former prime minister and ruling party leader Nikola Gruevski, said the brownfield investment is planned to create 100 new jobs within a year. The plant will be reorganised and its production is expected to double as a result of the investment, he added. Monaco Resources, at 2, rue de la Lujerneta, has operations spanning mining, agribusiness, energy, logistics and financial services. (Source: seenews.com)