Adjusted Profit was $2.6 million for the quarter ended June 30, 2012 ($4.4 million for the quarter ended June 30, 2011). This is mainly attributable to higher general and administrative expenses. Loss for the period was $3.6 million for the quarter ended June 30, 2012 ($4.5 million Profit for the quarter ended June 30, 2011). This is mainly attributable to a $5.3 million non-cash loss on interest rate swaps during the quarter ended June 30, 2012, mainly resulting from mark-to-market valuations. Moreover, it takes into account a year-on-year increase of $2.6 million in general and administrative expenses.
Adjusted EPS was $0.04 for the quarter ended June 30, 2012 ($0.12 for the quarter ended June 30, 2011). EPS was $(0.06) for the quarter ended June 30, 2012 ($0.12 for the quarter ended June 30, 2011). The decrease in Adjusted EPS and EPS is mainly attributable to higher general and administrative expenses and, in the case of EPS, non-cash loss on interest rate swaps during the quarter ended June 30, 2012. Moreover, Adjusted EPS and EPS are significantly affected by the increase in the weighted average number of shares following the completion of the IPO and the concurrent private placement.
As GasLog stated in the final prospectus filed April 2, 2012 for its IPO, the ramp-up of general and administrative expenses is expected to exceed revenue growth in 2012, as GasLog’s newbuildings will only commence delivery in 2013. Accordingly, GasLog expects 2012 profit will be lower than in 2011.
For a detailed discussion of GasLog’s financial results for the quarter ended June 30, 2012, please refer to the Financial Report for the Three Months and Six Months Ended June 30, 2012, furnished on Form 6-K to the United States Securities and Exchange Commission (the “Q2 6-K”).http://www.sec.gov/cgi-bin/browse-edgar?company=Gaslog&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany Operating Results The following table highlights certain financial information for GasLog’s two segments, the vessel ownership segment and the vessel management segment, for the quarters ended June 30, 2012 and 2011. A presentation of Unaudited Interim Financial Information is attached as Exhibit I.
|In thousands of U.S. Dollars||Vessel Ownership Segment||Vessel Management Segment||Unallocated/Eliminations||Total|
|Three Months Ended June 30,|
|Revenue from external customers||$||13,829||$||13,994||$||2,642||$||2,713||—||—||$||16,471||$||16,707|
|Earnings/(loss) per share (EPS) – basic and diluted||0.12||(0.06||)|
|Adjusted EPS – basic and diluted||0.12||0.04|
|(1) EBITDA, Adjusted EBITDA, Adjusted Profit and Adjusted EPS are non-GAAP financial measures, and should not be used in isolation or as a substitution for GasLog’s financial results presented in accordance with IFRS. For definitions and reconciliations of these measurements to the most directly comparable financial measures calculated and presented in accordance with IFRS, please refer to Exhibit II at the end of this press release.|
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