Ultrapetrol Q1 Total Revenues Down 6%
For the first quarter of 2010, the company posted a net income attributable to the company of $7.82m, compared $617,000 for the comparable period in 2009. Operating income was $6.3m, compared to $9.4m for the year ago period.
Adjusted EBITDA for first quarter 2010 was $19.6m as compared with $17.1m in the same period of 2009.
Felipe Menendez, president and CEO of Ultrapetrol, said: “We are pleased with Ultrapetrol's successful start to 2010, as all of our business segments achieved strong results in the first quarter. While the impact of the larger volumes were not yet seasonally evident during the first quarter, we achieved EBITDA margins above our historical average, directly related to our focus on efficient operations.
“As we progress through 2010, we have strong visibility into our future expansion. We have fulfilled our plan to grow our Product Carrier fleet to five vessels. In addition, our recently acquired modern container vessel presents an attractive opportunity for the company and is expected to commence a regional flag-restricted general cargo service in South America.”
Will the company increase its total revenues in Q2?
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