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Capital lifts earnings

Capital lifts earnings
Higher profit sharing revenue and an increased number of operating days helped lift earnings at Capital Product Partners, leading the company to up its cash distribution.

Higher profit sharing revenue and an increased number of operating days helped lift earnings at Capital Product Partners, leading the company to up its cash distribution.

Higher profit sharing revenue and an increased number of operating days helped lift earnings at Capital Product Partners, leading the company to up its cash distribution.

Net income in the three months to December 31 for the Piraeus-based tanker owner rose to $14.3m, or $0.54 per limited partnership unit, compared with $10.3m and $0.38 respectively in the fourth quarter of 2007.

Revenue for the quarter stood at $36.2m, of which $6.1m were profit sharing revenues. Revenue in the corresponding period of 2007 was $29m.

The results prompted the Nasdaq Global Market-listed company to declare a non-recurring exceptional cash distribution of $1.05 per unit. That compares with the $0.41 per unit paid in the third quarter 2008.

In recent quarters, the company had earned unexpectedly high levels of profit sharing revenue as a result of the high utilization rates of its product tanker fleet and the resilient market in the suezmax segment, Capital Product said.

The company said it would fund the exceptional distribution from operating surplus and through a decrease in existing reserves.

However, the company said dividends would not continue at this level in future periods and, starting with the first quarter 2009, were likely to return to the levels seen in previous quarters.

www.TurkishMaritime.com.tr

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