Business
Toro Corp. Reports Net Income of $55.4 Million for the Three Months Ended June 30, 2023 and $77.3 Million for the Six Months Ended June 30, 2023
LIMASSOL, Cyprus, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), an international energy transportation services
About this update from Toro Corp.
[{"type":"text","content":"LIMASSOL, Cyprus, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Toro Corp. (NASDAQ: TORO), (“Toro”, or the “Company”), an international energy transportation services company, today announced its results for the three months and the six months ended June 30, 2023. Highlights of the Second Quarter Ended June 30, 2023: Total vessel revenues: $24.9 million, as compared to $25.8 million for the three months ended June 30, 2022, or a 3.5% decrease;Net income: $55.4 million, as compared to $5.4 million for the three months ended June 30, 2022, or a 925.9% increase;Earnings (basic) per common share: $3.34 per share, as compared to $0.57 per share for the three months ended June 30, 2022;EBITDA(1): $56.8 million, as compared to $7.7 million for the three months ended June 30, 2022;Cash and restricted cash of $128.2 million as of June 30, 2023, as compared to $42.5 million as of December 31, 2022;Delivery of the M/T Wonder Bellatrix to its new owners on June 22, 2023, after entering into an agreement to sell the vessel on May 12, 2023 for $37.0 million, resulting in a net capital gain of $19.3 million;Delivery of the M/T Wonder Polaris to its new owners on June 26, 2023, after entering into an agreement to sell the vessel on May 18, 2023 for $34.5 million, resulting in a net capital gain of $21.3 million;Acquisition of the LPG Dream Terrax on May 26, 2023, after entering into an agreement to purchase the vessel on April 26, 2023 for $19.9 million;Acquisition of the LPG Dream Arrax on June 14, 2023, after entering into an agreement to purchase the vessel on April 26, 2023 for $17.0 million; andOn April 17, 2023, the Company entered into a subscription agreement (the “Subscription Agreement”) with Pani Corp., pursuant to which Toro issued and sold, and Pani Corp. purchased, 8,500,000 common shares for gross proceeds of $19,465,000. As of June 30, 2023, the Company had 17,961,009 common shares issued and outstanding. Highlights of the Six Months Ended June 30, 2023: Total vessel revenues: $56.0 million, as compared to $42.6 million for the six months ended June 30, 2022, or a 31.5% increase;Net income: $77.3 million, as compared to $6.7 million for the six months ended June 30, 2022, or a 1,053.7% increase;Earnings (basic) per common share: $5.13 per share, as compared to $0.70 per share for the six months ended June 30, 2022;EBITDA(1): $80.9 million, ...