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Excel gets over decline

Excel gets over decline
EXCEL Maritime Carriers has suffered a decrease in second half profits but still managed to post increased net income for the first half of this year in comparison with 2008.

EXCEL Maritime Carriers has suffered a decrease in second half profits but still managed to post increased net income for the first half of this year in comparison with 2008.

Dry bulk shipping company Excel Maritime Carriers Ltd (EXM.N) posted a 37 percent drop in quarterly profit, hurt by the decline in the charter rates for its ships and higher expenses. Net income for the quarter was $78.0 million, or $1.05 per share, compared with $123.6 million, or $3.06 per share, in the same quarter last year. EXCEL Maritime Carriers has suffered a decrease in second half profits but still managed to post increased net income for the first half of this year in comparison with 2008.

Excluding items, the company posted a net income of 86 cents a share.

Voyage revenue fell 25 percent to $98.4 million.

Total expenses rose 4 percent to about $89 million. Shares of the company were trading down 8 percent at $9.08 in morning trade on the New York Stock Exchange.

www.TurkishMaritime.com.tr

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