Toro Q2 net income drops 61% to $0.6 million; revenue jumps 71% to $7 million
TORO•Toro reported second-quarter net income of $0.6 million, down 61% year over year, as vessel revenues from continuing operations rose 71% to $7 million. It also acquired two MR tankers for $83.4 million after the quarter ended.
1. Quarterly results
Toro posted second-quarter net income of $0.6 million, down 61% year over year, while vessel revenues from continuing operations increased 71% to $7 million. For the six months, net income fell 64% to $1.1 million and vessel revenues rose 35% to $12.9 million.
2. Spin-off and tankers
Toro completed the spin-off of its LPG carrier business into AI OKTO, with shareholders receiving one AIOK share for every eight Toro shares. After the quarter, the company acquired two MR tankers for $83.4 million; cash and restricted cash totaled $80.2 million at June 30.
