Atlantic Navigation announces Q1-2014 results with net profit higher by 61% to US$3.0mn.....one of my Stock Picks comfortably ontrack to meet forecasts Monday, 28 April, 2014 6:26 AM
Posted by Kevin Scully
...Posted by Kevin Scully
Atlantic Navigation, one of my Stock Picks, announced its Q1 FY2014 results last Friday. The management are meeting some analysts this morning and I will have an update on this later.
Key highlights of the results are:
a) revenue rose 9.6% to US$9.2mn
b) gross profit rose 32.9% to US$4.6mn on better charter rates and lower costs
c) pretax and net profit were higher by 61% to US$3.0mn
d) EPS was US cents 1.1 while NAV was US cents 28.5
Management's forward looking statement confirms out bullishness for the next two years.
"The Group has entered into contracts with shipbuilders for the construction of two new vessels (60....