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Tufton Oceanic Assets first-half profit jumps
StockMarketWire.com
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Ship owner Tufton Oceanic Assets posted a large rise in first-half profit, underpinned by fixed-based charter revenue and higher containership valuations.
Net profit for the six months through through December jumped to $21.9 million, up from $5.5 million year-on-year, income rose to $23.4 million, up from $6.9 million.
Tufton's net asset value total return for the period was 9.3%.
In January, the company had raised its target annual dividend to $0.075 per share from $0.07.
It had therefore paid a third-quarter 2020 dividend of $0.0175 and a fourth quarter 2020 dividend of $0.01875.
'At the end of the financial period, the Company had increased charter cover to about 2.8 years and strong forecast dividend cover of about 1.5 times over the next 12-18 months,' chairman Rob King said.
'I am encouraged by the company's performance over the financial period and believe the strategy of diversification, strong charter cover and low leverage will enable the company to grow profitably in the coming years.'
Story provided by StockMarketWire.com
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