Premuda has closed 2011 with a consolidated net loss of 4,7 million euros



The shipowning group Italian Premuda has closed the exercise anniversary 2011 with a net loss consolidated of 4,7 million euros on revenues Time base charter for 108,5 million euros respect to a profit clearly of 10,7 million euros on revenues for 119,8 million euros in 2010. The operating profit is piled to 4,0 million euros (- 77.9%). The results of exercise 2011 of single Premuda Spa clearly anticipate a profit of 8,3 million euros (after amortizations for 12,7 million and devaluations for 3,0 million); "in a context of marked weakness of the marine markets of reference - it has explained the Italian company - the positive result is (analogous to the exercise precedence) in fact constituted by the dividend paid from controlled Premuda International SAH".

"Exercise 2011 - Premuda has commented - is characterized by a market of the hires heavy negative, with medium inferior installments of beyond 40% regarding those of the exercise precedence is for the reserviors that for the bulk carriers in the sections of our directed interest. Thanks to the acquired commercial cover in the years precedence, the negative impact of the market has been about to we considerably more content, having recorded on 50% about of the fleet in exercise. The level of the market has obviously interested also the values of the ships and has determined, after the effettuazione of the prescribed procedures of impairment of the fleet, the necessity to proceed to a devaluation of the reservior Four Moon for an amount of about three million euro and it has not allowed to proceed to restorations of value - also partial - for the other units already devaluation object in the past. In addition to how much it precedes, the exercise of the FPSO Four Rainbow has turned out penalized, in the first part of the year, from a logoff as a result of passage of a typhoon in the zone of production with a consequent burden estimated in about 4,2 million euros and, in the last period of two months, from a damaging of "the subsea" part that has involved the definitive interruption of the production from one of the two wells, with a burden at the expense of exercise 2011 of ulterior about 4,0 million euros".

For the exercise 2012 Premuda previews still turned out negatives. "We are moreover trusting - it has specified the company - than in the next exercises, to happening of the wait resumption of the economic conjuncture and thanks to the effects of the previewed reduction in the deliveries of new ships, the profit of the group is restored and allows the full recovery of the endured losses".