Pacific Basin Shipping (02343) said it reported a loss attributable to shareholders of US$49.798 million for the six months ended 30 June 2016, as compared to the profit of US$5.755 million for the same period in 2015.
Basic and diluted loss per share was US1.86 cents.
The revenue was US$488 million, a decrease of 23% from a year earlier.
Underlying loss widened to US$61.6 million from US$14.6 million for the same period last year.
The loss attributable to shareholders was affected by an unrealised derivative accounting gain of US$13.7 million mainly from completed prior year bunker swap contracts; offset by a net loss of US$1.9 million from tug disposals; and release of an exchange loss of US$600,000 from reserves upon repayment of shareholder loans by subsidiaries after the tug disposals.
No interim dividend will be distributed.
29/07/2016 16:49
Pacific Basin (02343) 1H net turns red to US$49.8m; no div
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