GasLog Ltd. Reports Financial Results For The Quarter Ended September 30, 2012
Dividend Declaration
On November 20, 2012, the Board of Directors declared a quarterly cash dividend of $0.11 per common share payable on December 17, 2012 to stockholders of record as of December 3, 2012.
Financial Summary
Revenues were $16.9 million (which eliminates $1.2 million of intercompany revenue) for the quarter ended September 30, 2012 ($15.9 million for the quarter ended September 30, 2011). The increase is attributable to an increase in revenues in the vessel management segment from external customers of $0.9 million and an increase in revenues in the vessel ownership segment of $0.1 million, with GasLog’s existing fleet performing at 100% utilization.
Vessel operating and supervision costs were $3.6 million for the quarter ended September 30, 2012 ($3.1 million for the quarter ended September 30, 2011). The increase is mainly attributable to an increase in employee costs related to new employees hired to fulfill the planned new requirements from our existing customers and an increase in technical maintenance and crew expenses in the vessel ownership segment. General and administrative expenses were $2.9 million for the quarter ended September 30, 2012 ($3.0 million for the quarter ended September 30, 2011). Financial costs were $2.9 million for the quarter ended September 30, 2012 ($2.3 million for the quarter ended September 30, 2011). The increase is primarily a result of increased interest expense as a result of swapping floating rate interest for fixed rate interest in connection with the outstanding indebtedness related to the vessel GasLog Savannah. Profit for the period was $2.9 million for the quarter ended September 30, 2012 ($4.6 million for the quarter ended September 30, 2011). This decrease is mainly attributable to a $1.5 million increase in non-cash loss on interest rate swaps, largely resulting from mark-to-market valuations and to the aforementioned factors.Select the service that is right for you!
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