Adjusted Profit (1) was $4.0 million for the quarter ended September 30, 2012 ($4.8 million for the quarter ended September 30, 2011), after excluding the effects of the net loss on interest rate swaps and foreign exchange gains.
Adjusted EBITDA (1) was $9.7 million for the quarter ended September 30, 2012 ($10.3 million for the quarter ended September 30, 2011).
Adjusted EPS (1) was $0.06 for the quarter ended September 30, 2012 ($0.12 for the quarter ended September 30, 2011). EPS was $0.05 for the quarter ended September 30, 2012 ($0.12 for the quarter ended September 30, 2011). The decrease in Adjusted EPS (1) and EPS is attributable to the decrease in Adjusted Profit (1) and Profit and the increase in the weighted average number of shares following the completion of the IPO and the concurrent private placement.
As GasLog stated in the final prospectus filed April 2, 2012 for its IPO, the ramp-up of general and administrative expenses is expected to exceed revenue growth in 2012, as GasLog’s newbuildings will only commence delivery in 2013. Accordingly, GasLog expects 2012 profit will be lower than in 2011.For a detailed discussion of GasLog’s financial results for the quarter ended September 30, 2012, please refer to the Financial Report for the Three Months and Nine Months Ended September 30, 2012, furnished on Form 6-K to the United States Securities and Exchange Commission (the “Q3 6-K”). http://www.gaslogltd.com/investor-relations/sec-filings Operating Results The following table highlights certain financial information for GasLog’s two segments, the vessel ownership segment and the vessel management segment, for the quarters ended September 30, 2012 and 2011. A presentation of Unaudited Interim Financial Information is attached as Exhibit I.
|In thousands of U.S. Dollars||Vessel Ownership Segment||Vessel Management Segment||Unallocated/Eliminations||Total|
|Three Months Ended September 30,|
|Revenue from external customers||$||14,078||$||14,147||$||1,840||$||2,788||—||—||$||15,918||$||16,935|
|Adjusted Profit (1)/(loss)||$||6,309||$||5,248||$||42||$||676||$||(1,537||)||$||(1,879||)||$||4,814||$||4,045|
|Adjusted EBITDA (1)||$||11,704||$||11,239||$||84||$||770||$||(1,517||)||$||(2,265||)||$||10,271||$||9,745|
|EPS – basic and diluted||0.12||0.05|
|Adjusted EPS (1) – basic and diluted||0.12||0.06|
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