Navios Maritime Holdings narrowed its third-quarter loss as it did not repeat accounting losses incurred in the prior year from shedding control over a containership subsidiary.
The New York-listed company, which owns nearly 50 bulkers and is the main outfit in Angeliki Frangou's Navios group of companies, reported a $10.1m net loss attributable to common stockholders came for the three months through 30 September.
That is smaller than a loss of $39.1m in the same period of last year.
Last year’s result included a $61.7m book loss from the loss of control over Navios Containers, the company said in an earnings release.
Stripping out such one-off accounting items, Piraeus-headquartered Navios Holdings said it posted an adjusted net income of $2.1m, down from a profit of $35.65m in the same period last year.
“Dry bulk demand in the first half of 2020 was adversely effected by global quarantines,” Navios Holdings chief executive Angeliki Frangou said.
In line with the drop in demand, Navios Holdings' revenue dropped to $126.2m in the period, from $141.6m in the third quarter of 2019.
The impact of the pandemic was also reflected in the company's result for the first nine months of the year. Navios Holdings posted an adjusted net loss of $46.7m for the period, reversing an adjusted profit of $34.5m in the same period of last year.
Frangou said she was still optimistic for 2021.
“Monetary stimulus and other policy measures eased the disruption and helped restart global economies in the third quarter,” she said.
“We believe that continued improvement is also attributable to food security considerations and new purchasing patterns emerging in the pandemic economy.”
