June 3, 2010 / 9:21 PM / in 8 years

UPDATE 1-Danaos Q1 adj profit misses Street view

* Q1 adj EPS $0.23 vs est $0.24

* Oper rev up 6 pct at $79.7 mln

June 3 (Reuters) - Greek container shipping company Danaos Corp (DAC.N) posted a slightly lower-than-expected adjusted profit for the first quarter, hurt by increased interest expenses.

Interest expenses during the quarter increased by 7.3 percent to $8.8 million due to the rise in the company’s average debt by $240.6 million, to $2.3 billion.

The company said the financing of its new building program resulted in interest capitalization.

“We have reached an overall detailed agreement that will secure funding for all of our new buildings on order,” Chief Executive John Coustas said in a statement. “We are now awaiting formal commitments from our banking group,” he added.

For the first quarter, the company posted a loss of $101.1 million, or $1.85 a share, compared with a profit of $20 million, or 37 cents a share, in the year-ago quarter.

    On an adjusted basis, the company earned 23 cents a share.

    Operating revenue rose 6 percent to $79.7 million.

    Analysts on average had expected the company to earn 24 cents, excluding special items, on revenue of $82.4 million, according to Thomson Reuters I/B/E/S.

    Shares of the company closed at $4.01 Thursday on the New York Stock Exchange. (Reporting by Vinay Sarawagi in Bangalore; Editing by Maju Samuel)

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