Pan Ocean sees profit plummet in first quarter

Pan Ocean

Pan Ocean saw its first quarter profit drop 55% year-on-year.

Net profit for the first three months stood at $27.62m, down from $61.4m in the same period of 2016.

The reduced first quarter profit was attributed to the recognition of a one-off non-operating gain of $51m in the first quarter of 2016 from its debt restructuring, offset by around $18m loss take for impairment charges.

Revenue for the quarter ended 31 March 2017 stood at $452.88m, down 20.2% from $376.64m in the previous corresponding period.

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