May 30, 2012 / 6:12 AM / 5 years ago

Golden Ocean Q1 core earnings slightly below forecast

OSLO, May 30 (Reuters) - Norwegian dry-bulk shipper Golden Ocean posted first-quarter core earnings slightly below expectations on Wednesday and said it would not pay a dividend for the first quarter, while implementing a new share repurchasing programme.

Golden Ocean's operating profit came in at $15.5 million in the January-March period, compared to a $16 million loss in the year-ago period. Analysts in a Reuters poll had an average forecast of $17 million in operating profit.

It said an impairment of $2.2 million in the quarter related to the sale of a construction contract for the vessel Golden Emerald weighed on the result.

The firm said it expected a similar result in the second quarter. (Reporting by Victoria Klesty)

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