Dorian LPG Ltd. reported its financial results for the three and six months ended September 30, 2024, revealing significant declines in revenue and profitability compared to the same periods in 2023. Total revenues for the third quarter were $82.4 million, a decrease of 43.0% from $144.7 million in the prior year. This decline was primarily driven by a drop in net pool revenues from related parties, which fell by 42.1% to $79.9 million, and a 62.4% decrease in time charter revenues, which amounted to $2.4 million.
For the six-month period, total revenues decreased by 23.2% to $196.8 million, down from $256.3 million in 2023. The average Time Charter Equivalent (TCE) rates also saw a decline, dropping from $56,597 to $43,705 per available day. The Baltic Exchange Liquid Petroleum Gas Index reflected this trend, averaging $62.118, down from $108.775 in the previous year.
Net income for the three months ended September 30, 2024, was $9.4 million, a sharp decline from $76.5 million in the same quarter of 2023. For the six-month period, net income was $60.7 million, down from $128.2 million. Earnings per share (EPS) for the third quarter were $0.22, compared to $1.90 in the prior year.
Despite the revenue and profit declines, Dorian LPG's total current assets increased to $439.5 million as of September 30, 2024, up from $368.9 million at the end of March 2024. Cash and cash equivalents also rose to $348.6 million, compared to $282.5 million previously. Total liabilities decreased to $773.0 million, down from $814.1 million, while total shareholders’ equity increased to $1.1 billion from $1.0 billion.
The company has continued to pursue strategic growth opportunities, including a newbuilding contract for a Very Large Gas Carrier (VLGC) with a cargo capacity of 93,000 cbm, expected to be delivered in the second quarter of 2026. Dorian LPG also declared irregular cash dividends of $1.00 per share in April and July 2024, totaling $83.4 million, and announced another dividend of the same amount on October 24, 2024.
Operationally, Dorian LPG's fleet consists of 25 VLGCs, with 24 vessels employed in the Helios Pool, a joint venture aimed at sharing revenues and expenses. The company remains committed to environmental initiatives, with 16 ECO-VLGCs equipped with exhaust gas cleaning systems.
About DORIAN LPG LTD.
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