Aries Maritime Transport posts net loss in Q2

Fri. August 28, 2009; Posted: 08:42 AM

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Aug 28, 2009 (Datamonitor via COMTEX) -- RAMS | Quote | Chart | News | PowerRating -- Greece-based Aries Maritime Transport has reported a net loss of $8.2 million or $0.29 basic and diluted per share in the second quarter of 2009, compared to a net income of $13.2 million or $0.46 basic and diluted per share in the second quarter of 2008.

The company's total revenues from continuing operations for the second quarter of 2009 were $15.4 million, compared to $18 million in the same quarter of 2008.

For the six months ended June 30, 2009, the company has reported a net loss of $12.5 million or $0.45 basic and diluted per share, compared to a net income of $6.3 million or $0.22 basic and diluted per share, recorded for the six months ended June 30, 2008.

Total revenues from continuing operations for the first half of 2009 were $30.9 million, compared to $36.7 million in the first half of 2008.

Jeff Parry, CEO of the company, said: "Our results for the second quarter reflect previously announced out-of-service time for the Nordanvind and reduced charter rates as anticipated for certain vessels, partially offset by lower general and administrative expenses."

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