Navios Maritime 1Q Profit Falls Almost 16 Percent

The Associated Press

Greek shipping and logistics company Navios Maritime Holdings Inc. said on Thursday its first-quarter profit fell 15.8 percent as its ships were chartered out less, and for cheaper rates.

The company said it earned almost $12 million, or 12 cents per share, during the quarter that ended March 31, down from $14.2 million, or 13 cents per share, during the same period last year. Revenue fell by more than half to $147.2 million, from $338.3 million a year ago.

Analysts surveyed by Thomson Reuters were expecting a profit of 9 cents per share on revenue of $139 million. ...