TORM A/S Q2 2010 Results
Second quarter 2010
Gross profit for the second quarter of 2010 was USD 41 million, up from USD 39 million for the corresponding period of 2009. Administrative expenses were USD 18 million, against USD 23 million for the second quarter of 2009, corresponding to a reduction of 22%. Profit before depreciation and amortisation (EBITDA) for the period was USD 24 million, against USD 31 million for the second quarter of 2009. The primary reason for the decline in EBITDA is that the second quarter of 2009 was positively affected by a profit of USD 13 million from sale of vessels.
Depreciation was USD 34 million during the second quarter of 2010.Operating profit for the second quarter of 2010 was a loss of USD 11 million, compared to a loss of USD 3 million for the same quarter of 2009. The second quarter of 2010 was impacted by mark-to-market non-cash adjustments of USD 2 million related to FFA/bunker derivatives. In the second quarter of 2010, financial items amounted to an expense of USD 14 million, against an expense of USD 30 million in the same quarter of 2009. The second quarter of 2009 was influenced by a negative non-cash fair value adjustment of USD 23 million on the value of options related to vessel values acquired in connection with the acquisition of OMI. The result after tax was a loss of USD 24 million in the second quarter of 2010, against a loss of USD 34 million in the second quarter of 2009. The result in the second quarter of 2009 was impacted by a profit of USD 13 million from sale of vessels. No vessels were sold during the second quarter of 2010. Assets Total assets fell from USD 3,226 million at 31 March 2010 to USD 3,210 million at 30 June 2010.
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