Petrogress, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
January 25, 2022 at 10:17 am
Share
Petrogress, Inc. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported revenue was USD 0.86 million compared to USD 0.788181 million a year ago. Net loss was USD 1.6 million compared to net income of USD 0.458892 million a year ago. Basic loss per share from continuing operations was USD 0.05 compared to basic earnings per share from continuing operations of USD 0.05 a year ago.
For the nine months, revenue was USD 2.32 million compared to USD 2.55 million a year ago. Net loss was USD 3 million compared to USD 2.62 million a year ago. Basic loss per share from continuing operations was USD 0.08 compared to USD 0.27 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.