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Torm came out of the first quarter with a loss before tax on $ 79,000,000, compared to a loss on $ 45 million in the same period in 2011. The operation shows a deficit p $ 7,000,000, against a profit of 4 million in the first quarter last year.
"TORM's operating profit for the first quarter of 2012 was on a par with last year and reflects the continuing difficult market conditions. However, the result is negatively impacted by the sale of ships and the costs of restructuring of the Company's capital structure," says CEO Jacob Meldgaard. 15 min The change in profit is partly due to a loss on sale of vessels on $ 16 million first quarter 2012 compared to a loss p 6 million first quarter 2011. In addition, the financial expenses for the first quarter of 2012, 22 million dollars in restructuring costs. TORM's net interest-bearing debt increased first quarter 2012 to 1.838 million from $ 1.787 billion per. December 31, 2011. Cash and cash equivalents totaled $ 29 million at the end of the first quarter of 2012. The company has no undrawn credit facilities. TORM's order book is empty and there udestr therefore no investment purpose. Equity 15 min belb to $ 569,000,000 March 31, 2012, which corresponded to 8.2 dollars per euro. Earnings per share (excluding treasury shares) and gave TORM an equity ratio on 21 percent. TORM has entered into a conditional agreement in principle with the Coordination Committee and the largest charter partners regarding a financing and restructuring plan. The conditional 15 min agreement in principle is a prerequisite for TORM's 15 min continued operation. The result for 2012 is subject to vsentlig uncertainty given TORM's financial situation and the changes to the company's business model, it may cause. Therefore offentliggr TORM no guidance for 2012 fr a long term, comprehensive finansieringslsning is in place Source: Torm