On August 19, Piraeus, Greece-based shipping and logistics company Navios Maritime issued its financial results for the second quarter of 2010.
According to the financial results, the net profit of the company was $46.5 million in the second quarter of 2010, compared with a net profit of $22.1 million in the second quarter of 2009, increasing 110.1 percent. Sales revenues in the second quarter of 2010 saw an increase of 16.3 percent, rising from $142.2 million in the same period of the previous year to $165.4 million. The EBITDA of the company was $91 million in the second quarter of 2010, compared with an EBITDA of $53.4 million in the second quarter of 2009, increasing 70.4 percent.
Angeliki Frangou, chairman and CEO of Navios Holdings, stated, "The global economy has improved significantly over the past year, driven primarily by healthy industrial production in emerging countries. More recently, developed countries are experiencing sluggish growth. This development, coupled with a significant order book, makes us cautious in our outlook."