NOCC Q1 Operating Revenues Up
Operating expenses vessels including bare boat hire was NOK54.39m for the first quarter of 2011, compared to NOK39.4m for the same period of 2010. Other administrative expenses were NOK9.14m for the first quarter of 2011, compared to NOK6.94m for the same period of 2010.
Total operating expenses were NOK65.06m for the first quarter of 2011, compared to NOK46.34m for the same period of 2010. Consolidated EBITA was NOK39.35m for the first quarter of 2011, compared to NOK21.99m for the same period of 2010.
For the first quarter of 2011, operating result (EBIT) was NOK13.91m, compared to NOK0.14m for the same period of 2010. Interest and other financial expenses were NOK22.59m, compared to NOK6.78m for the same period of 2010.
Net financial items were NOK16.02m for the first quarter of 2011, compared to NOK4.82m for the same period of 2010. Result after tax was NOK19.03m for the first quarter of 2011, compared to NOK4.68m for the same period of 2010.
Total comprehensive income was NOK17.97m for the first quarter of 2011, compared to NOK2.33m for the same period of 2010.
In early January 2011, NOCC has increased its share in the 2009 built car carrier Dyvi Atlantic from 48.5 percent to 50 percent. The silent partnership owning the vessel is therefore consolidated into the accounts of the firm as from first quarter of 2011.
In April 2011, NOCC has purchased an additional 3 percent share in this shipowning subsidiary, and has now an ownership of 53 percent in this vessel. In March 2011, NOCC has sold 47.4 percent owned company Norwegian Aggregates. The sale increased net sales of about NOK8.1m and a net book profit of NOK10.8m in first quarter of 2011 to the firm.
In March 2011, Hyundai 202 car carrier built in 1987 was delivered to its new owner that increased total net profit to NOK 9.5m on a consolidated basis in the first quarter of 2011.
NOCC is a shipping company that has a fleet of 14 vessels for the transportation of cars and other rolling cargoes.
Will the firm further increase operating revenues in Q2?
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