EMAS Offshore Limited reported unaudited consolidated earnings results for the second quarter and six months ended February 29, 2016. The company reported a net loss of USD 140.5 million on revenue of USD 30.5 million. Revenues were USD 30.5 million, a 50% decrease from same quarter last year. Revenues largely due to overall weakness in the offshore industry impacting both utilization and charter rates. Operating loss was USD 141.3 million compared to an operating profit of USD 8.3 million a year ago. Operating loss mainly due to impairment losses on vessels, investment in joint ventures and other assets. Loss after tax was USD 140.5 million compared to USD 9.7 million in the same period last year. Loss before tax was USD 140.553 million compared to profit before tax of USD 11.726 million a year ago. Loss per share was 0.32 cents compared to earnings per share of 0.02 cents a year ago. Net cash flow generated from operating activities was USD 24.796 million compared to USD 6.694 million a year ago. Purchase of property, plant and equipment was USD 76.961 million compared to USD 0.266 million a year ago.

For the six months, LBITDA was USD 108.0 million compared to EBITDA of USD 188.7 million in the same period last year. LBIT was USD 133.8 million compared to EBIT of USD 166.8 million in the same period last year. Basic and diluted loss per share was 0.33 cents compared to earnings of 0.56 cents in the same period last year. Negative return on equity was 31.1% compared to return on equity of 38.3% in the same period last year. Net debt as at 29 February 2016 was USD 560.6 million. Revenue was USD 80.261 million compared to USD 133.622 million a year ago. Loss from operations was USD 145.188 million compared to profit from operations of USD 155.557 million a year ago. Loss before tax was USD 143.232 million compared to profit before tax of USD 161.064 million a year ago. Loss after tax was USD 143.691 million compared to profit after tax of USD 158.066 million a year ago. Net cash flow generated from operating activities was USD 34.350 million compared to USD 1.490 million a year ago. Purchase of property, plant and equipment was USD 76.974 million compared to USD 3.995 million a year ago.



For the quarter, the company reported impairment loss on property, plant and equipment of USD 51.377 million.