Premuda has archived item third trimester 2011 with a profit of 1,6 million euros (- 52.0% clearly)



The shipowning society Italian Premuda has closed the third trimester of this year with a rise of the economic results regarding the trimesters precedence, results that however considerably turn out inferior regarding the performances of the period July-september of 2010.

The quarterly report on September 30, 2011 - approved of today from the board of directors of the company - shows a profit clearly of 1,6 million euros on revenues Time base charter of 28,0 million euros, down respective of 52.0% and 10.4% on the third trimester last year. The operating result is piled to 2,9 million euros (- 55.4%) and the profit before taxes to 1,6 million euros (- 51.7%). Cash flow of third trimester 2001 has been of 9,3 million euros against the value of 10,1 million euros realized in the correspondent period of 2010.

In the first nine months of the 2011 company it has recorded a profit clearly of 790 thousand euros on revenues for 81,1 million euros, with decreases respective of 92.2% and 10.0% regarding the period January-september last year. The operating profit has been attested to 6,6 million euros (- 57.1%) and the profit before the taxes to 908 thousand euros (- 91.2%). Consolidated cash flow of the first nine months of this year has been of 21,8 million euros against 29,4 million euros of the correspondent period of 2010.

Premuda has specified that the result of the first nine months of exercise 2011 has benefitted of about capital gain 900 thousand euros derivative from the cession of panamax the bulk Four Earth, result that but - it has emphasized the company - strongly is influenced by an impact negative of about 4,2 million euros deriving from the effects of "the White" cyclone that in the first part of the year has involved an interruption of about 20 days in the activity of the FPSO Four Rainbow, from the strong deterioration of the market of the hires that - for the sections of directed interest of Premuda - has recorded decrease comprised between the 39 and 47% regarding the installments of the correspondent period 2010 (factor this - it has specified the company - somewhat mitigated from the good commercial covers defined in the past and still available) and by the weakening of the dollar, inferior of 6.8% regarding first nine months 2010.

The company has announced that the consolidated net worth on September 30, 2011, already to clearly of the quotas pertinence of shareholders the third party, piled 216,2 million euros (piled at the end to 186,0 million euros of third trimester 2010). Al 30 last September immobilizations in fleet piled to 382,0 million euros which they go already added 63,2 million euros anticipated to the yards against the ships under construction.

The group financial situation on 30 September evidenced a clean exposure equivalent to 279,0 million euros (235,9 million on December 31, 2010 and 272,8 million on September 30, 2010), with liquid availabilities piling to 18,5 million euros. Regarding the end of the exercise precedence - it has specified the company - the exposure clean financial institution is increased of 43,1 million euros (and 6,2 million regarding on September 30, 2010, survey precedence to the increase of fine realized capital to exercise 2010) mostly for effect of the advance of the under way investments for renews and the potenziamento of the social fleet, to which the effect deriving from the controvalutazione in euro of the dollar denominated financings joins.

With respect to the course of the market in the first nine months of 2011, the company has explained that in the period the hire installments have turned out all considerably smaller of those of the correspondent period 2010 - between 41% and 47% for the cisterniero section and between 39% and 41% for the section dry - while last month of October it has recorded in the section bulk medium advanced installments of the 16/17% regarding the medium values of the third trimester and in the section tanker, after a sudden "explosion" of the installments as a result of strong congestions in the Mediterranean area, the values are newly approaching again to the averages recorded in the third trimester.

For how much it concerns the closing of the exercise anniversary in Premuda course, on the base of the achieved results until now, previews that, "except happening of serious eventual unexpected and prescinding from ulterior necessities of "impairment" of the assets patrimonial, the result of 2011 would have to introduce in substantial balancing/modest profit".