Globus Maritime Ltd (NASDAQ:GLBS) posted its unaudited consolidated financial and operating results for the quarter and nine-month period closed September 30, 2017. For the first nine-months of 2017, total revenues jumped by nearly 61% over 2016 while debt under loan deals was reduced by nearly 36%.
The highlights
Globus Maritime reported that total comprehensive loss for Q3 2017 came at $1.5 million based on around 27.677 million weighted average number of shares, versus $2.8 million for the comparable period of 2016 on 2.606 million weighted average number of shares. Athanasios Feidakis, the CFO, CEO and President, expressed that they are delighted to post robust revenue growth and considerable debt reduction in the initial nine months of 2017. They continue to monitor their operational expenses meticulously, and follow the market closely and continue to look for any accretive deals that will enhance their shareholders value.
The progress in dry bulk fundamentals, and the increase in the grains, iron ore ton-mile and coal demand and a lowered drybulk orderbook, makes them positive about the continued promising momentum in the drybulk division and they consider their firm is well positioned to gain from it.
For Q3 2017, Global Maritime posted total administrative expenses of $0.5 million versus $0.9 million during the comparable period in 2016. The changed figure Q3 2016 is primarily attributed to the compensation offered to the ex-CEO of the firm. As of the close of September 30, 2017, the company reported that cash, bank deposits and bank balances came at $0.2 million as compared to $0.3 million posted in the same period, a year ago.
In the last trading session, the stock price of Global Maritime jumped more than 4% to close the day at $1.47. The gains came at a share volume of 14.91 million compared to average share volume of 2.30 million.
