Hellenic Carriers Limited (HCL.L) reported that its net loss for the year ended 31 December 2012 amounted to US$20.7 million or US$0.45 per share, compared to a net loss of US$30.4 million or US$0.67 per share last year.
Net Loss before non-cash items widened to US14.22 million from US$1.08 million in the prior year.
Operating loss amounted to US$15.9 million compared to US$25.7 million for the same period of 2011. The latest year operating loss included non-cash impairment charge of US$8.6 million, non-cash gain resulting from the sale of M/V Hellenic Sky and M/V Hellenic Sea in the amount of US$2.1 million.
Excluding the non-cash items, operating loss was US$9.4 million compared to an operating profit of US$3.6 million last year.
Total revenues for the year were US$13.2 million compared to US$33.2 million for the same period of 2011. The decrease in revenues was mainly attributed to the reduction in the number of vessels operated during the period following the sale of the M/V Hellenic Sky and the M/V Hellenic Sea in May 2012 and August 2012 respectively, and the prolonged depression of the dry bulk freight rates.
In order to reinforce the Company's liquidity and optimise the use of cash when market opportunities arise, the Directors of the Company recommended that dividend payment for the year 2012 be suspended, the company said. "Even though we anticipate a challenging market for 2013, we remain cautiously optimistic on the medium term prospects of our industry," the company said.
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