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SMALL BUSINESS
Knightsbridge profit falls, misses expectations
AP
NEW YORK -Oil shipper Knightsbridge Tankers Ltd. said Thursday that profit fell in the third quarter as charter rates for its carriers declined.
The company earned $3.1 million, or 18 cents per share, compared with $11.3 million, or 66 cents per share, a year earlier.
Analysts expected earnings of 31 cents per share, according to Thomson Reuters.
Revenue plunged to $14.2 million from 19.8 million a year ago. Analysts expected $15.7 million.
The average daily time charter equivalents for its four very large crude carriers was $32,900, compared with $33,100 in the previous quarter.
The company said that despite the weak tanker market, it expects to resume paying a dividend next year.
Shares rose 25 cents to $12.92 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-12 16:18:18
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