30th Sep 2013 14:40
LONDON (Alliance News) - Hellenic Carriers Limited Monday said its net losses narrowed in its first-half as lower operating costs helped company finances.
The marine transportation services provider said its net losses narrowed to USD6.8 million from USD8.9 million for the six months to June 30.
The company said its sales fell 56% to USD3.9 million from USD8.9 million as a result of a lower number of vessels operating during the period along with a prolonged fall in dry bulk freight rates.
As a result of the lower number of vessels operating, operating expenses dropped to USD2.9 million from USD4.7 million and its voyage expenses fell to USD355,000 from USD2.4 million during the period.
The company also said that it experienced a USD4.1 million impairment loss in 2012 which skewed the figures.
Hellenic Carriers shares were up 2.0% to 46.90 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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