Precious full year profit slashed
Tuesday, 07 February 2012 | 00:00
Dry bulk shipping firm Precious Shipping's net profit for the full year 2011 was slashed by a third as vessels' earnings fell and operating expenses rose.
The Bangkok-listed firm posted net profit of THB720.81m ($23.31m) for the year, a decrease of 36.8% from THB1.14bn in 2010. Revenue remained stable at THB3.43bn.
Precious said its net vessel operating income for last year declined about 10% year-on-year mainly due to the slump in average earnings per day per vessel from $12,304 in 2010 to $11,265 in 2011.
Due to the higher average number of vessels operating during 2011, Precious experienced a 4% rise in vessel running expenses compared to 2010. The company ran an average fleet of 22 ships in 2011 as against 21 ships in 2010.
Precious has a fleet size of 25 ships as on 31 December 2011.
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