The Thailand-based dry bulk shipping firm posted a net loss of THB40.96m ($1.33m) as against a net profit of THB108.63m in the same period of 2011.
Revenue for the quarter improved to THB795.88m compared to THB741.92m a year ago.
“For the first quarter of 2012, the absolute vessel running expenses are higher by 22% as compared to the same period of 2011 mainly due to the higher average number of vessels operated during the year,” Precious Shipping said.
The Bangkok-listed firm added that first quarter vessel operating income dropped by about 12% year-on-year mainly due to the decrease in average earnings per day per vessel to $8,314 from $12,118.
The income has been earned from an average of 27 vessels during the first quarter. Precious Shipping has a fleet size of 29 vessels as at 31 March 2012.
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