Dorian LPG Ltd. posts net income of $ 13.7 million for Q1 2016
Dorian LPG Ltd., a leading owner and operator of modern very large gas carriers ("VLGCs"), reported its financial results for the three months ended June 30, 2015. Revenues of of the Company reached $20.3 million and Net Pool income reached $15.3 million. Net Income of $13.7 million; Earnings Per Share of $0.24
Adjusted EBITDA of $19.4 million, Dorian LPG said in a press release.
Delivery of three vessels under our ECO-design VLGC newbuilding program, the Cougar and the Cobra from Hyundai Samho Heavy Industries Co. Ltd and the Concorde from Hyundai Heavy Industries Co. Ltd. Dorian LPG entered into a three-year time charter for the Corsair and a one-year time charter through the Helios LPG Pool for the Cobra with two separate oil majors. Board of Directors authorized the repurchase of up to $100 million of our common stock through the period ended December 31, 2016.
Revenues of $20.3 million for the three months ended June 30, 2015, which represent voyage charters and time charters earned by our VLGCs and our pressurized 5,000 cbm vessel, increased $4.5 million, or 28.2%, from $15.9 million for the three months ended June 30, 2014. The increase is primarily attributed to $11.0 million of revenues contributed by two of our newbuilding VLGCs that were delivered subsequent to June 30, 2014 and are not operating within the Helios Pool, partially offset by a decrease of $6.0 million of revenues related to two VLGCs that were operating in the Helios Pool during the three months ended June 30, 2015.
John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "This quarter marked the successful launch of the Helios LPG Pool, and our joint operation encompassing nine VLGCs in total has yielded good results thus far for our five VLGCs employed through the pool on the spot market. We have been able to find prompt employment out of the yard for our newbuildings, which highlights the underlying strength of the VLGC freight market. The current rate environment and our young fleet have allowed us to generate cash flow ahead of our expectations, and we believe that our board's authorization of a share buyback of up to $100 million, as announced this morning, underscores the board's and management's commitment to increasing shareholder value."
