As GasLog stated in the final prospectus filed April 2, 2012 for its IPO, the ramp-up of general and administrative expenses is expected to exceed revenue growth in 2012, as GasLog’s newbuildings will only commence delivery in 2013. Accordingly, GasLog expects 2012 profit will be lower than in 2011.
For a detailed discussion of GasLog’s financial results for the quarter ended March 31, 2012, please refer to the Financial Report for the Three Months Ended March 31, 2012, furnished on Form 6-K to the United States Securities and Exchange Commission (the “Q1 6-K”).
Operating ResultsThe following table highlights certain financial information for GasLog’s two segments, the vessel ownership segment and the vessel management segment, for the quarters ended March 31, 2012 and 2011. Unaudited Interim Financial Statements are attached as Exhibit I.
|In thousands of U.S. Dollars||Vessel Ownership Segment||Vessel Management Segment||Unallocated / Eliminations||Total|
|Three Months Ended March 31, 2011||Three Months Ended March 31, 2012||Three Months Ended March 31, 2011||Three Months Ended March 31, 2012||Three Months Ended March 31, 2011||Three Months Ended March 31, 2012||Three Months Ended March 31, 2011||Three Months Ended March 31, 2012|
|Revenue fromexternal customers||$13,701||$13,992||$2,585||$2,610||-||-||$16,286||$16,602|
|Profit / (loss)||$5,762||$5,931||$661||($234)||($1,412)||($3,525)||$5,011||$2,171|
|Earnings per share –basic and diluted||0.13||0.06|
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