Pioneer Marine Inc. second quarter 2016 results

By August 11, 2016 May 11th, 2019 No Comments

For the second quarter of 2016 the Company reported a net loss of $6.7 million, or $0.22 per share basic and diluted which includes charges and write off of capitalised expenses amounting to $3.0 million as a result of the termination of the last two newbuilding contracts. Excluding these charges, the Company’s adjusted net loss for the second quarter of 2016 is $3.7 million or $0.12 per share basic and diluted.

For the six month period ended June 30, 2016, the Company reported a net loss of $20.6 million, or $0.68 per share basic and diluted which includes charges and write off of capitalised expenses amounting to $11.6 million as a result of the termination of seven newbuilding contracts (“newbuilding contract termination agreement”). Excluding these charges, the net loss is $9.0 million or $0.30 per share basic and diluted for the six month period ended June 30, 2016.

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