Intercont (Cayman) Limited Reports First Half 2025 Unaudited Financial Results
HONG KONG, July 15, 2025 (GLOBE NEWSWIRE) -- Intercont (Cayman) Limited ("Intercont" or the "Company") (NASDAQ:NCT), a global shipping enterprise with plans for seaborne pulping operations, today announced its unaudited financial results for the six months ended December 31, 2024. All amounts below are in U.S. dollars.
First Half 2025 Unaudited Operating and Financial Summaries
Total revenues increased by 8% to approximately $13.4 million for the six months ended December 31, 2024 from approximately $12.4 million in the same period of 2023.
Gross profit increased by 14% to approximately $3.8 million for the six months ended December 31, 2024 from approximately $3.4 million in the same period of 2023.
Net income was approximately $0.9 million for the six months ended December 31, 2024, as compared with approximately $1.6 million in the same period of 2023.
As of December 31, 2024, the Company had approximately $4.9 million in cash and cash equivalents, as compared with approximately $3.8 million as of June 30, 2024.
First Half Fiscal 2025 Financial Results
Total revenues increased by 8% to approximately $13.4 million for the six months ended December 31, 2024 from approximately $12.4 million in the same period of 2023. The overall increase in total revenue was primarily driven by higher charter days compared to the prior period. In the six months ended December 31, 2023, revenue was impacted by dry-docking and major repairs, which resulted in off-hire days. The reduced operational downtime in the six months ended December 31, 2024 contributed to improved utilization and revenue growth.
Cost of revenues increased by 6% to approximately $9.6 million for the six months ended December 31, 2024 from approximately $9.0 million in the same period of 2023. The increase was primarily attributable to a 36%, or approximately $0.4 million increase in vessel lease expense.
Gross profit increased by 14% to approximately $3.8 million for the six months ended December 31, 2024 from approximately $3.4 million in the same period of 2023.
Total operating expenses increased by 101% to approximately $1.7 million for the six months ended December 31, 2024 from approximately $0.8 million in the same period of 2023.
General and administrative expenses primarily consist of salary and compensation expenses relating to our accounting, ...
