The company’s voyage revenues amounted to $28.5 million in the second quarter of 2008, an increase of $8.6 million or 43.2%, compared to $19.9 million in the second quarter of 2007. Adjusted earnings before interest, taxes, depreciation and amortization were $17.6 million, an increase of $5.9 million or 50.4%, from $11.7 million in the second quarter of 2007.
For the six months ended June 30, 2008, voyage revenues amounted to $55.5 million and net income was $16.9 million, an increase of $14.9 million or 36.7%, and an increase of $4.6 million or 37.4%, respectively, compared to voyage revenues of $40.6 million and net income of $12.3 million for the six months ended June 30, 2007.
Harry Vafias, CEO of StealthGas, said: We have continued to improve our financial performance in the second quarter of 2008 and at the half year we have shown substantial increases in both revenues and net income compared to this time last year, as we continue to deliver on the strategy we have outlined to investors over the past three years.
