Petrogress, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2019
August 14, 2019 at 02:55 am IST
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Petrogress, Inc. announced earnings results for the second quarter ended June 30, 2019. For the second quarter, the company announced sales was USD 404,000 compared to USD 2.261 million a year ago. Operating loss was USD 521,209 compared to operating Income of USD 397,230 a year ago. Net loss was USD 1.011 million compared to net income of USD 228,510 a year ago. Basic loss per share was USD 0.26 compared to basic earnings per share of USD 0.07 a year ago. Diluted loss per share was USD 0.26 compared to diluted earnings per share of USD 0.05 a year ago. For the half year, sales was USD 2.526 million compared to USD 4.827 million a year ago. Operating loss was USD 316,185 compared to operating Income of USD 486,887 a year ago. Net loss was USD 861,098 compared to net income of USD 348,989 a year ago. Basic loss per share was USD 0.22 compared to basic earnings per share of USD 0.1 a year ago. Diluted loss per share was USD 0.22 compared to diluted earnings per share of USD 0.08 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. 
