ANANGEL-AMERICAN REPORTS $3-MILLION THIRD-QUARTER LOSS
Anangel-America Shipholdings Ltd., the Greek bulk shipping company
listed on the Nasdaq stock exchange, reported a larger deficit for the quarter ending
Sept. 30, amounting to $3 million, but its operating result improved.
The latest net result compared with a net deficit of $1.9 million in
the third quarter of last year.
The third-quarter operating result was a loss of $485,000, as compared
to a loss of $2.2 million in the same period of 1998.
Anangel-American said that its third-quarter results show the
improvement the company had been expecting over the last two quarters. The freight markets
started to improve in mid summer partly because of the demand generated by the recovery of
the Far Eastern economies, the company said.
Revenue for the third quarter was $18.6 million, up from the $14.5
million for the same quarter of last year.
For the nine months ending Sept. 30, Anangel-American posted a net loss
of $16.1 million, as compared to a net loss of $4.3 million for the corresponding period a
year ago.
The operating loss for the nine-month period widened to $5.4 million,
from $2.2 million last year. Revenue increased to $47.5 million, from $46.2 million in the
first nine months of last year.
The nine-month results were adversely affected by a charge of $6.0
million due to the decline in values of the company’s bond portfolio,
Anangel-American said.
The bulk shipping operator expects to take delivery of two new Capesize
vessels in January and March of 2000.