Imperial Petroleum Inc. reports increase in revenues and net income for Q2 24'.
From GlobeNewswire: 2024-08-27 09:10:00
Imperial Petroleum Inc. (NASDAQ: IMPP) reported a fleet operational utilization of 80.9% in Q2 24’. Revenues reached $47.0 million, up 14.1% from Q1 24’. Net income was $19.5 million, an increase of $2.8 million from Q1 24’. Cash and cash equivalents totaled $129.8 million as of June 30, 2024.
In Q2 24’, Imperial Petroleum Inc. saw a decrease in revenues compared to the same period last year, primarily due to a decrease in voyage days. Voyage expenses were $17.1 million and vessels’ operating expenses were $6.5 million. The company reported a net income of $19.5 million for the quarter.
For the six months ended June 30, 2024, Imperial Petroleum Inc. reported revenues of $88.2 million, a decrease of 29.2% from the same period in 2023. Voyage expenses were $30.6 million and vessels’ operating expenses were $12.5 million. The company reported a net loss on the sale of a vessel for $1.6 million.
Read more at GlobeNewswire:: Imperial Petroleum Inc. Reports Second Quarter and Six