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Dalrymple Bay (ASX:DBI) share price stays afloat despite no earnings surprises

Aerial view of port terminal
Image source: Getty Images

The Dalrymple Bay Infrastructure Ltd (ASX: DBI) share price has inched up by 0.48% at the time of writing and is currently trading at $2.09 a share.

The movement follows release of the company’s earnings results for the period ended 31 December 2020.

Notably, Dalrymple Bay only listed on the Australian Securities Exchange in December 2020. Therefore, the statutory results reflect the listing date of 8 December 2020 to 31 December 2020.

Financial performance summary

Comparing the financial results to the statutory forecasts provided in Dalrymple prospectus, the company reported the following.

Dalrymple earned a total revenue of $23.4 million during the period compared to the $38.1 million posted in the prospectus.

The business posted a loss after tax of $113.2 million. The prospectus estimated a loss of $115.5 million.

Liquidity in the business as at 31 December 2020 comprised of $214 million in undrawn bank facilities, $139.1 million cash at bank and $36 million in restricted cash.

CEO comments and outlook

Dalrymple Bay Infrastructure Managing Director and CEO, Anthony Timbrell said:

2020 was pivotal for Dalrymple Bay Infrastructure as it became a publicly listed company. Our foundation asset, the Dalrymple Bay Terminal, continued to provide safe and efficient port infrastructure during 2020. The terminal remains a critical link in the global steel making supply chain and is a key asset in the Queensland and Australian economies. Despite the impacts of COVID on global economies, the terminal shipped 55mt of coal to 23 countries – 82% of which was metallurgical coal, up 1% on 2019.

The company advised that going forward, it will continue to focus on its core investment drivers. It aims to grow distributions per share by 1%-2% per annum for the foreseeable future.

Dalrymple further stated that it remains on track to deliver distributions of $45 million for the 6-month period to 30 June 2021.

Dalrymple Bay share price snapshot

The business has a market capitalisation of approximately $1 billion and there are presently 500.3 million shares outstanding.

The Dalrymple Bay share price has dropped 1.42% over the past month.

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Motley Fool contributor Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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