Toro Corp. (TORO) has released an update.
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Toro Corp. has reported a modest increase in net income to $22.1 million for Q1 2024 despite a significant decrease in total vessel revenues which dropped by 77.6% to $7.0 million, compared to the same period last year. The company completed a share repurchase program and boasts a strong balance sheet with substantial cash reserves and no debt after repaying its last loan. The financial improvement follows the strategic sale of tanker vessels and the addition of LPG carriers to their fleet.
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