Castor Maritime gains: Why the CTRM stock is skyrocketing today

Castor Maritime gains: Why the CTRM stock is skyrocketing today

<p>Castor Maritime’s earnings for the company’s six months ended March 31, 2019 have CTRM shares on Tuesday.

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The latest earnings results from Castor Maritime (NASDAQ: CTRM) mark their first report after starting on the stock exchange as a listed company. The company begins by reporting losses per share of 40 cents for the period. Its losses per share from the same time last year were 21 cents.

Castor Maritime’s earnings for the past six months also include a net income of $ 332,411. This is a huge increase compared to the company’s net profit of $ 160,644 which was reported during its six months from the same time in 2018.

Castor Maritime’s revenue also includes operating income of $ 317,804 over the past six months. The company’s operating profit from the same six months last year was $ 172,759.

Revenue from Castor Maritime for the past six months of operations amounts to $ 2.04 million. This is much better than the international shipping company’s revenue of $ 1.70 million reported during the same period the year before.

“We are very pleased with our development over the six months ending March 31, 2019, the first period in which we report results as a NASDAQ-listed entity,” said Petros Panagiotidis, President and CEO of Castor Maritime, in a statement. “We believe that the dry bulk market will be rewarding in the coming years despite normal short-term volatility. In this context, we are focused on exploiting market opportunities to maximize our profitability and opportunistically expand our fleet. ”

The CTRM share increased by 34% as of Tuesday afternoon.

At the time of writing, William White had no position in any of the above securities.