AP News

Navios 2Q net income sinks on charges, rates

NEW YORK (AP) — Greek shipping company Navios Maritime Holdings Inc. on Thursday reported that second-quarter net income plunged from a year ago on weak charter prices and some one-time charges.

Rates for Navios vessels, which carry dry bulk commodities including iron ore, cement, coal and grain, have remained low as the global economy sputters. Demand for those commodities is largely tied to the health of the global economy.

The company earned $5.3 million, or 5 cents per share, compared with $50.9 million, or 46 cents per share, a year ago. Excluding one-time gains and losses, the company made 4 cents per share. The year-ago quarter included a $38.8 million gain on the sale of vessels to a subsidiary. Navios also took a sizeable loss on its books in the current quarter due to refinancing efforts that impacted some of its business units.

Revenue rose to $172.1 million from $165.4 million in the second quarter of 2011.

Analysts polled by FactSet expected a profit of 8 cents per share on revenue of $145.9 million.

Shares of Navios lost 8 cents, or 2 percent, to $3.60 in afternoon trading.

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