Toro Corp. reports significant revenue decrease and lower net income, but maintains strong balance sheet.

From GlobeNewswire: 2024-08-12 09:00:00

Toro Corp. announced its second quarter results, with total vessel revenues of $5.5 million, a decrease of 77.9% from 2023. Net income was $1.1 million, 98.0% lower than last year. By June 30, 2024, cash and restricted cash totaled $189.2 million. The company repurchased over 644,000 common shares at a cost of $3.7 million.

In the first six months of 2024, Toro Corp. reported total vessel revenues of $12.5 million, down 77.7% from the previous year. Net income was $23.3 million, a 69.9% decrease. EBITDA was $21.6 million, compared to $80.9 million in 2023. They also delivered a vessel and repurchased shares as part of financial strategies.

Toro Corp’s CEO, Mr. Petros Panagiotidis, highlighted the strong operating cash flows and robust market conditions for their fleet of LPG carrier vessels. Despite challenging results in 2024, the company maintains a solid balance sheet with significant cash reserves and no outstanding debt. Plans for growth and market position strengthening continue to be a focus.



Read more at GlobeNewswire:: Toro Corp. Reports Net Income of $1.1 Million for the Three