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Sharp fall in 2010 earnings for Precious Shipping

Sharp fall in 2010 earnings for Precious Shipping

Bangkok: Thailand-based Precious Shipping recorded considerably lower earnings in 2010 due to lower vessel operating income and unfavourable currency exchange rates.

The dry bulk owner posted revenues of 3.38bn baht ($107.13m) in 2010, a 47.3% plunge from 6.41bn baht in 2009. Net profit for last year also plummeted 70.3% to 904.69m baht from 3.05bn baht in the previous year, the Bangkok-listed company announced late last week. Income has been earned from an average of 21 vessels last year against an average of 33 in 2009, contributing to lower vessel operating income.

The sale of older vessels and decrease in average earnings a day also contributed to weaker income. Precious Shipping suffered from net exchange losses of 112.24m baht for 2010 compared to 43.63m baht in 2009. The exchange losses are due to the appreciation of the Thai baht against the US dollar. [31/01/11]