FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO 30 June 2016
EPIC GAS LTD.
FINANCIAL STATEMENTS FOR THE INTERIM PERIOD TO
30 June 2016
SINGAPORE, 11 August 2016 – Epic Gas Ltd. (“Epic Gas” or the “Company”) today announced its unaudited financial and operating results for the interim period ended June 30, 2016. All amounts reported in US Dollars unless otherwise stated.
A conference call to discuss these results is scheduled for 11 August 2016 at 10:00 AM (New York) / 3:00PM (London) and can be accessed via the following dial-in information.
Conference call details:
United States: +1 845 507 1610
United Kingdom: +44 203 651 4876
International: +61 283 733 610
Conference ID Number: 60288389
Second Quarter 2016 Highlights
- 3,468 calendar days, up 3% year over year
- Revenue of $32.6 million, up 1% on Q1, down 1% year over year
- Time charter equivalent revenues of $8,183 per vessel calendar day, down 6% year over year
- General and administrative expenses of $1,099 per vessel calendar day, down 10% year over year
- Adjusted EBITDA of $7.5 million, up 6% on Q1, down 1% year over year
- Net Loss of $0.9 million, improvement by 52% year over year
- Forward cover for balance of 2016 stands at 47% at $7,539 per day as of 30 June 2016
- Completed delivery of one 11,000cbm new build from a shipyard in Japan and re-delivered one 3,500cbm bareboat charter vessel bringing the Company’s on the water fleet to 38 vessels
- Remaining newbuilding program of five vessels requiring $65 million in capital expenditure
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