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SMALL BUSINESS
Diana Shipping 3Q profit plummets on weak demand
AP
NEW YORK -Greek drybulk shipper Diana Shipping Inc. on Tuesday said its third-quarter profit plunged 50 percent amid slipping sales.
Demand for ships plunged as the transport of goods around the world slowed dramatically amid the economic slump.
Quarterly earnings declined to $28.7 million, or 36 cents per share, compared with $57.6 million, or 77 cents per share, during the same period last year.
Analysts polled by Thomson Reuters estimated a profit of 34 cents per share, on average. Analysts typically exclude one-time items.
Revenue dropped 33 percent to $58.2 million from $87.4 million. Analysts forecast revenue of $55.5 million.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-10 09:13:33
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