On May 27, Piraeus, Greece-based shipping and logistics metallurgical coal producer Navios Maritime has issued its financial results for the first quarter of 2010, stating that, during a period of uncertainty, the company is pleased with its performance thus far in 2010.
According to the financial results, the net profit of the company was $31.3 million in the first quarter of 2010, compared with a net profit of $12 million in the first quarter of 2009, increasing 250 percent. Sales revenues in the first quarter of 2010 saw a decrease of four percent, dropping from $154.4 million in the previous year to $147.2 million. The EBITDA of the company was $78 million in the first quarter of 2010, compared with an EBITDA of $47.4 million in the first quarter of 2009, increasing 84 percent.
Angeliki Frangou, chairman and CEO of Navios Holdings, stated, "During a period of continued uncertainty, Navios Holdings created liquidity from the sale of three vessels and used the sale proceeds to increase its cash reserves and deleverage."