Scorpio Tankers' net loss narrows to $3.7M in FY 2013

Net income of Scorpio Tankers Inc. (Scorpio Tankers) for three months and financial year 2013 reached $5.8 million and $17.0 million, accordingly, the Company said in a press release.

The Company's adjusted net loss for the three-month period was $14.5 million, or $0.08 basic and diluted loss per share, which excludes a $41.4 million, or $0.23 per share gain resulting from the previously announced investment in Dorian LPG Ltd. ('Dorian'), (ii) a $21.2 million, or $0.12 per share write-down resulting from the designation of certain older vessels as 'held for sale' and (iii) an unrealized gain on derivative financial instruments of $0.1 million or $0.00 per share.

For the three months ended December 31, 2012, the Company had a net loss of $4.9 million, or $0.11 basic and diluted loss per share. The Company's adjusted net loss was $3.6 million, or $0.08 basic and diluted loss per share, which excludes a $1.3 million, or $0.03 per share, unrealized loss on derivative financial instruments.

For the year ended December 31, 2013, the Company had net income of $17.0 million, or $0.12 basic and $0.11 diluted earnings per share. The Company's adjusted net loss was $3.7 million, or $0.03 basic and diluted loss per share, which excludes a $41.4 million, or $0.28 per share gain resulting from the previously announced investment in Dorian, a $21.2 million, or $0.14 per share write-down resulting from the designation of certain older vessels as 'held for sale' and an unrealized gain on derivative financial instruments of $0.6 million, or $0.00 per share.

For the year ended December 31, 2012, the Company had a net loss of $26.5 million or $0.64 basic and diluted loss per share. The Company's adjusted net loss was $11.9 million (see Non-GAAP Measure section below), or $0.29 basic and diluted loss per share, which excludes a $10.4 million, or $0.25 per share, loss from sales of vessels, a $3.0 million, or $0.07 per share, write-off of deferred financing fees, and a $1.2 million, or $0.03 per share, unrealized loss on derivative financial instruments.