CourageMarine: Poor 4Q results, rev at US$8.9m was -21.7%yoy +5.2%qoq and net profit was US$12k - 99.6%yoy -98.5%qoq. Rev was impacted by lower freight rates shown through the BDI and the fall in net profit was due partly to an increase of 45% in admin expenses largely attributed to dual-listing costs and staff bonuses. Despite poorer 4Q showing, FY2010 rev was up 66.5% at US$46.5m and profit was at US$9.0m up from 75k last year in 09...
Other income in 4Q fell 94% due to an insurance claim in FY09. Co took delivery of 2 vessels and disposed of its oldest vessel, current tonnage of fleet stands at 580k dwt. Co expects financial performance for 2011 to be adversely affected and notes that the dry bulk mkt has not recovered. Full yr 2010 EPS at US0.85c and trades at approx 17.6x P/E, 1.4 P/B.
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