Petrogress, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2019
November 14, 2019 at 03:28 pm EST
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Petrogress, Inc. announced earnings results for the third quarter ended September 30, 2019. For the third quarter, the company announced sales was USD 6.056 million compared to USD 2.319 million a year ago. Operating loss was USD 268,226 compared to operating Income of USD 388,533 a year ago. Net loss was USD 267,867 compared to net income of USD 397,491 a year ago. Basic loss per share was USD 0.07 compared to basic earnings per share of USD 0.12 a year ago. Diluted loss per share was USD 0.07 compared to diluted earnings per share of USD 0.08 a year ago. For the nine months, sales was USD 8.582 million compared to USD 8.763 million a year ago. Operating loss was USD 543,209 compared to operating Income of USD 674,720 a year ago. Net loss was USD 1.087 million compared to net income of USD 746,481 a year ago. Basic loss per share was USD 0.28 compared to basic earnings per share of USD 0.22 a year ago. Diluted loss per share was USD 0.28 compared to diluted earnings per share of USD 0.15 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. 