Stamford, Conn., headquartered Dorian LPG Ltd. (NYSE: LPG) a leading owner and operator of modern very large gas carriers (VLGCs), reported financial results for the three months ended June 30, 2019 that included net income of $6.1 million, or $0.11 per share, for the three months ended June 30, 2019, compared to a net loss of $20.6million, or $(0.38) per share, for the same quarter last year.
John C. Hadjipateras, Chairman, President and Chief Executive Officer of the company, commented, “Our EBITDA is up over sevenfold from last year’s quarter, and our realized TCE nearly doubled compared to the same time period last year. Since the majority of the voyages booked during the quarter are typically performed in the following quarter, we expect the current quarter’s results to show an even greater improvement, assuming no significant market change during the quarter. On the back of the strong market, our board authorized a $50 million stock repurchase program, underscoring our commitment to a sensible capital allocation program. We believe that positive market fundamentals and the continued success of our people to contain costs and optimize operating efficiencies will enable us to generate good returns to our shareholders.”