Navios Maritime Holdings has reported a second-quarter profit that was slimmer than numbers from a year ago for its interests in a South American logistics business and bigger spin-off Navios Maritime Partners.
Navios Holdings reported net income of $15.48m or $0.27 per share, down from $16.03m or $0.47 per share for the second quarter of 2022.
The company is little followed by equity analysts since selling off its fleet of 36 bulkers to Navios Partners in September 2022, and there was no consensus benchmark available from researchers.
Revenue increased to $81.9m from $69.2m, while Ebitda climbed to $42.3m from $41.6m.
The company took a $1.1m impairment loss on the sale of 1,692-dwt tanker He Man H (built 2012) to an unidentified and unaffiliated third party.
Navios Holdings is a 63.8% holder in Navios South American Logistics, one of the largest infrastructure and logistics companies in the Hidrovia region of South America.
It also holds 10.3% piece of Navios Maritime Partners, chief executive and chairwoman Angeliki Frangou’s shipowning goliath in bulkers, container ships and tankers.
“We believe that the global conditions support continued growth in the Hidrovia region. As the world’s requirements evolve, whether for raw materials for green technology, old world requirements for mineral commodities or dynamically changing grain trade patterns, our region will be providing solutions,” Frangou said in an earnings statement on Thursday.
“We intend to play our part by maximiszing the return from our existing assets through innovative logistics solutions that leverage our unique infrastructure assets.”
Navios Holdings’ revenue got a $7.3m boost from increased turnover in its barge business mainly attributable to iron ore contracts, and $6.7m tied to fuel sales from its bunkering business in Nueva Palmira. It took a $1.1m hit from decreased terminal business mostly owing to lower Uruguayan grain exports.
Net income was dampened by an $800,000 increase in income tax expenses.
Standalone net income for Navios Logistics was $4.3m for the quarter, down from $6.4m from the corresponding period of 2022.
Navios Maritime Partners on Wednesday reported net income of $112.3m, up 13% from the previous quarter and down 5% year-on-year.
