Profit after tax for the financial year ending 31 March dropped to £1.19m ($1.87m), down from £1.6m in the previous corresponding period.
The result was buoyed by the £834,000 sale of the remainder of its bond portfolio.
Writing in the Baltic’s Reports & Accounts released today, chairman Quentin Soanes described the major concern as the “disappointing” performance of the Baltex freight derivatives trading system which accrued losses of £682,093 over the period.
“While