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NEW YORK - Shipper Ultrapetrol Bahamas Ltd. reported a third-quarter loss Tuesday as revenue plunged 31 percent in a recession-weakened shipping market.
Ultrapetrol said it lost $4.2 million, 14 cents per share, compared with a profit of $15.1 million, or 46 cents per share, a year earlier. After excluding items including a deferred tax loss, the company said, the adjusted loss was $800,000, or 3 cents per share.
Revenue fell to $58.5 million from $84.6 million a year earlier.
CEO Felipe Menendez said the company's river-transport business in South America suffered from a drought. He said that in the ocean business all its capesize vessels were on charters in the quarter and performed as expected.
The company ships grain, oil and petroleum products and operates cruise vessels.
Ultrapetrol shares lost 23 cents, or 4.4 percent, to close at $4.97 in regular trading, then fell 47 cents to $4.50 in extended trading following the release of the earnings report.
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