Petrogress, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 13, 2020 at 11:56 am
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Petrogress, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced total revenue was USD 788,181 compared to USD 6.056 million a year ago. Operating loss was USD 1.178 million compared to USD 268,226 a year ago. Net income was USD 458,892 compared to net loss of USD 267,867 a year ago. Basic earnings per share from continuing operations was USD 0.05 compared to basic loss per share from continuing operations of USD 0.07 a year ago. For the nine months, total revenue was USD 2.554 million compared to USD 8.582 million a year ago. Operating loss was USD 3.107 million compared to USD 543,209 a year ago. Net loss was USD 2.618 million compared to USD 1.087 million a year ago. Basic loss per share from continuing operations was USD 0.27 compared to USD 0.28 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. 