DHT Maritime 2Q Profit Falls More Than 51 Pct

NEW YORK (AP) — DHT Maritime Inc., which operates large tankers used in carrying crude oil and dry commodities, reported Wednesday that its second-quarter profit fell more than 51 percent to $5 million as sales slid. The company also said it would not pay a second-quarter dividend.

The profit for the three months ended June 30 was equivalent to 10 cents a share, compared to a profit of $10.3 million, or 29 cents a share, a year earlier.

Net income adjusted for non-cash items was 20 cents a share.

Revenue fell 5.8 percent to $26.2 million from $27.8 million in the same period a year ago.

Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting second-quarter earnings of 16 cents a share on revenue of $26.1 million.

At the end of the second quarter, the company's cash balance was $50 million.

The company said its payment of future dividends remains subject to quarterly reviews and its assessment of several factors, including its current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the company's financial commitments.