Omega Reports 2Q Results

Tuesday, August 26, 2008

Omega Navigation Enterprises Inc., reported second-quarter results that topped analysts' expectations, helped by higher charter rates and number of operating days of its Panamax tankers.

For the quarter, the company's net income more than doubled to $8 million, or 53 cents per basic share. Excluding a non-cash gain and a non-cash loss, Omega Navigation reported a net income of $5.7 million, or 38 cents per basic share.

Revenue rose 7 percent to $19.3 million.

Operating days of the Panamax tankers rose nearly 5 percent to 546, while the time charter equivalent rate grew by $33 to $25,050 per day. Interest expense and finance costs fell more than 33 percent to $3.2 million.

Source:  Reuters

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