UPDATE 1-Omega Navigation Q2 results top Street estimates
Mon Aug 25, 2008 6:12pm EDT
Aug 25 (Reuters) - Greek oil tanker company Omega Navigation Enterprises Inc (ONAV.O: Quote, Profile, Research, Stock Buzz) (ONEN.SI: Quote, Profile, Research, Stock Buzz) reported second-quarter results that topped analysts' expectations, helped by higher charter rates and number of operating days of its Panamax tankers.
For the quarter, the company's net income more than doubled to $8 million, or 53 cents per basic share. Excluding a non-cash gain and a non-cash loss, Omega Navigation reported a net income of $5.7 million, or 38 cents per basic share.
Revenue rose 7 percent to $19.3 million.
Analysts on average were expecting earnings, before special items, of 31 cents a share, on revenue of $18.4 million, according to Reuters Estimates.
Operating days of the Panamax tankers rose nearly 5 percent to 546, while the time charter equivalent rate grew by $33 to $25,050 per day. Interest expense and finance costs fell more than 33 percent to $3.2 million.
Shares of the Piraeus, Greece-based company closed at $14.29 Monday on Nasdaq. (Reporting by Shradhha Sharma in Bangalore; Editing by Anil D'Silva)
