Petrogress, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2020
June 30, 2020 at 06:13 am EDT
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Petrogress, Inc. announced earnings results for the first quarter ended March 31, 2020. For the first quarter, the company announced total revenue was USD 2.147 million compared to USD 2.122 million a year ago. Operating loss was USD 543,019 compared to operating Income of USD 205,024 a year ago. Net loss was USD 910,397 compared to net income of USD 150,492 a year ago. Basic loss per share from continuing operations was USD 0.2 compared to basic earnings per share from continuing operations of USD 0.04 a year ago.
Petrogress, Inc., formerly 800 Commerce, Inc., is a holding company. The Company, along with its subsidiaries, is engaged in international trading and shipping business. The Company is engaged in exploring the potential for acquiring or purchasing or leasing newly built liquefied natural gas (LNG) vessels in the United States to be used for the supply and sea freight of the United States LNG exports. The Company's subsidiary, Petrogres Co. Ltd. (Petrogres), operates as an oil commodity company in West Africa. Its other subsidiaries are Petronav Carriers LLC (Petronav) and Petrogress Oil & Gas Energy Inc. (Petrogress Energy). Petronav focuses on primarily managing the day-to-day operation and handling of the tanker fleet it manages. Petrogress Energy is primarily focused on investigating the feasibility of acquiring oil fields in Texas so that the Company can expand its operations into the LNG market within the United States market.
PETROGRESS, INC. 