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Diana Shipping 3Q profit plummets on weak demand
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NEW YORK - Greek drybulk shipper Diana Shipping Inc. on Tuesday said its third-quarter profit plunged 50 percent amid slipping sales.
Demand for ships plunged as the transport of goods around the world slowed dramatically amid the economic slump.
Quarterly earnings declined to $28.7 million, or 36 cents per share, compared with $57.6 million, or 77 cents per share, during the same period last year.
Analysts polled by Thomson Reuters estimated a profit of 34 cents per share, on average. Analysts typically exclude one-time items.
Revenue dropped 33 percent to $58.2 million from $87.4 million. Analysts forecast revenue of $55.5 million.
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