STEATHGAS
Net income increased by 35% in the 3rd Q of 2008
NOV, 26.2008
StealthGas Ink., listed on Nasdaq (Harry Vafias, CEO), announced for the 3rd Q of 2008, voyage revenues of USD 28.9m (+24.6%) and net income of USD 5.4m (+35%), from USD 23.2m and USD 4m, respectively for the same period of 2007. Basic and diluted earnings per share were USD 0.24 as compared to USD 0.19.
An average of 38.7 vessels were owned by the company in the 3rd Q of 2008, earning an average time-charter equivalent rate of approximately USD 7,681 per day as compared to 35.1 vessels, and USD 6,747 per day for the same period of 2007.
The company’s board of directors declared a quarterly cash dividend of USD 0.1875 per common share, payable on December 1st 2008 to shareholders of record on November 24, 2008.
For the 9 months ended September 30, 2008, voyage revenues increased by 32.1% to USD 84.4m and net income increased by 36.2% to USD 22.2m, from USD 63.9m and USD 16.3m respectively for the same period of 2007.
StealthGas Ink., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector, currently has a fleet of 38 LPG carriers with a total capacity of 170,286 cubic meters (cbm) and 2 product tankers.
