EBITDA was $21.2 mill, compared with $21.5 mill in 4Q16 and EBIT was $12.9 mill, compared with $12.8 mill in the previous year’s quarter.
Net profit before tax was $4 mill in 4Q17, compared with $12.1 mill in 4Q16. Net profit was $6.4 mill, compared to $7.5 mill in 4Q16.
In 4Q17, AMSC had an unrealised gain of $1.8 mill on the mark-t -market valuation of its interest rate swap contracts related to its vessel financing ($6.3 mill in 4Q16). The company also recognised a gain of $2.4 mill on its investment in Philly Tankers (PTAS), which was related to the same of PTAS last vessel to Kinder Morgan.
In addition, AMSC recognised a $2.9 mill capital loss as a result of the difference between the inital equity investment booked at cost and subsequent capital distributions from PTAS.
As a result of the recently passed US federal tax reform legislation, which reduce d the federal corporate income tax rate from 35% to 21%, and changes to the company’s effective state tax rate, AMSC booked a one -off non-cash tax benefit of $5.9 mill in 4Q17.
AMSC’s operating revenues for full year of 2017 and 2016 were $87.8 mill and $88 mill, respectively. EBITDA was $84.9 mill for the 12 month period, compared to $85.1 mill for 2016. EBIT was $51 mill for 2017 and $50.8 mill for 2016.
Net profit for 2017 was $9.8 mill, compared to $7.1 mill in 2016.
AMSC CEO,Pål Magnussen, commented, “We are pleased to deiver consistent financial results for 4Q17, in line with expectations. The Jones Act market, in which our tankers are deployed, is experiencing significantly improved market conditions, with increasing transportation demand for both crude oil and clean products.
The market began to strengthen in the middle of the fourth quarter and has continued to improve into 2018. We are increasingly optimistic about the potential for further tightening of market conditions going forward,” he said.