Golden Ocean Group Limited reports a profit of $16.5 million and earnings per share of $0.04 for the second quarter of 2011. This compares with the restated profit and earnings per share of $24.5 million and $0.05 respectively for the second quarter of 2010. Total operating revenues for the second quarter were $96.0 million, total operating expenses were $70.7 million and other gain/losses net were $2.0 million. Net financial items were negative with $10.9 million.
The Company reports a loss of $3 million and earnings per share of $-0.01 for the first half of 2011. Total operating revenues were $178.7 million, total operating expenses were $173.1 million and other gain/losses net were $6.2 million. Net financial for the first half of 2011 was negative with $14.8 million.
Cash and cash equivalents decreased by $38.1 million during the quarter. The Company generated cash from operating activities of $36.1 million. The company paid $43.5 million in installments in the quarter. The Company used $29.5 million net on financing activities during the quarter. The main item includes drawdown of long term debt related to the newbuildings of $15.4 million, interest paid of $6.3 million, repayment of long term debt of $19.1 million and dividend payment of $18.0 million.
On August 25, 2011 the Board has declared a dividend of US $0.02 per share. The record date for the dividend is September 7, 2011, ex dividend date is September 5, 2011 and the dividend will be paid on or about September 23, 2011.
The Company reports a loss of $3 million and earnings per share of $-0.01 for the first half of 2011. Total operating revenues were $178.7 million, total operating expenses were $173.1 million and other gain/losses net were $6.2 million. Net financial for the first half of 2011 was negative with $14.8 million.
Cash and cash equivalents decreased by $38.1 million during the quarter. The Company generated cash from operating activities of $36.1 million. The company paid $43.5 million in installments in the quarter. The Company used $29.5 million net on financing activities during the quarter. The main item includes drawdown of long term debt related to the newbuildings of $15.4 million, interest paid of $6.3 million, repayment of long term debt of $19.1 million and dividend payment of $18.0 million.
On August 25, 2011 the Board has declared a dividend of US $0.02 per share. The record date for the dividend is September 7, 2011, ex dividend date is September 5, 2011 and the dividend will be paid on or about September 23, 2011.