Adjusted profit for the quarter was $2.6 million. On an unadjusted basis we incurred a loss of $3.6 million for the quarter. Adjusted earnings per share was $0.04 for the quarter and the loss per share was $-0.06. Our bottom-line results for the quarter were impacted by non-cash items namely a non-cash loss from interest rates loss and unrealized foreign exchange differences. Henrik will go into more details of our second quarter results shortly. In particular, the adjustments for the period included a $5.3 million non-cash loss on interest rates loss and an $800,000 foreign exchange difference that are mainly unrealized. These economic hedging transactions were done at levels better than our long term budget forecast.
The non-cash items are a consequence of our continued actions to eliminate risk from our business model are all -- fixed interest expense remained significantly below our long term budget, 62% of the floating interest rate exposure has been hedged at a weighted average interest of approximately 4.3% including margin as of June 30, 2012.
GasLog is on track to pay a dividend of $0.11 per share in the fourth quarter of this year. Our two ships in the water currently on multi-year charters to a subsidiary of BG Group performed without any off hire during this quarter ending on June 30, 2012, thereby achieving full utilization for the period. Our 8 ships under construction at Samsung Heavy Industries are on-time and within budget, of these 8 ships, 2 were launched during the second quarter of 2012 and are on schedule for delivery during the first quarter of 2013. In total, 5 of the 8 ships have now commenced construction by the ship yard.
I’ll turn the call over to Henrik Bjerregaard, our CFO who would take you through second quarter finances in more detail.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV