Greek container shipping company Danaos Corp (DAC.N) posted lower-than-expected adjusted quarterly profit, hurt by higher administrative expenses.
For the second quarter, the company posted a net loss of $14.7 million, or 27 cents a share, compared with a net income of $15.9 million, or 29 cents a share, in the year-ago quarter.
On an adjusted basis, the company earned 14 cents a share.
Quarterly operating revenue increased 7 percent to $84.9 million.
Analysts on average had expected the company to earn 23 cents on revenue of $85.58 million, according to Thomson Reuters I/B/E/S.
General and administrative expenses were up 65 percent to $5.7 million on higher legal and advisory spending.
The company, which raised $200 million earlier this month through a private placement of 54 million shares, said there were no more uncertainties regarding its capital expenditure.
Shares of the company, which have gained 10 percent in value in the past one year, closed at $3.95 Tuesday on the New York Stock Exchange.
For the second quarter, the company posted a net loss of $14.7 million, or 27 cents a share, compared with a net income of $15.9 million, or 29 cents a share, in the year-ago quarter.
On an adjusted basis, the company earned 14 cents a share.
Quarterly operating revenue increased 7 percent to $84.9 million.
Analysts on average had expected the company to earn 23 cents on revenue of $85.58 million, according to Thomson Reuters I/B/E/S.
General and administrative expenses were up 65 percent to $5.7 million on higher legal and advisory spending.
The company, which raised $200 million earlier this month through a private placement of 54 million shares, said there were no more uncertainties regarding its capital expenditure.
Shares of the company, which have gained 10 percent in value in the past one year, closed at $3.95 Tuesday on the New York Stock Exchange.