Thailand’s Precious Shipping has posted a firstquarter profit thanks to a big gain on cancelled newbuilding contracts.
The company said net earnings to 31 March were THB 276.54m ($9.44m), against a lossof THB 40.41m in 2012.
Revenue grew to THB 878.7m from THB787.55m over the same period.
But it booked THB 412.51m in returnedpayments from ABG Shipyard in India for four bulkers sold on to Global BulkCarriers of Singapore, after Precious grew frustrated at the lack of progressin construction.
