Globus Maritime Ltd (NASDAQ: GLBS) shares rose Friday, on reporting stiff losses in the last quarter.
The Athens-based shipper reported total comprehensive loss for the third quarter of the year 2017 amounted to $1.5 million or $0.05 basic loss per share based on 27,677,694 weighted average number of shares, compared to total comprehensive loss of $2.8 million for the same period last year or $1.07 basic loss per share based on 2,606,000 weighted average number of shares.
Total administrative expenses decreased by $0.4 million or 44% to $0.5 million during the three month period ended September 30, 2017 compared to $0.9 million during the same period in 2016. The increased figure during the third quarter of 2016 is mainly attributed to the compensation given to the former CEO of the Company.
Current CEO Athanasios Feidakis said, "We are pleased to report strong revenue growth and significant debt reduction during the first nine months of 2017. We continue to monitor our operational expenses carefully, as well as follow the market closely and of course we remain on the lookout for any accretive transactions that will enhance our shareholders value.
"The strengthening in dry bulk fundamentals, as well as the increase in the coal, grains and iron ore ton-mile demand and a reduced drybulk orderbook, makes us optimistic about the continued positive momentum in the drybulk sector and we believe our company is well placed to benefit from it."
Shares gained 22 cents, or 15.6%, to $1.63, nearing noon ET on Friday.
