Sincere slips again

Sincere Navigation of Taiwan has posted lower first quarter profit despite rising revenue.

The bulker owner said net earnings to 31 March were TWD 432.57m ($14.41m), from TWD 460m in the same period of 2013.

Revenue was up at TWD 1.27bn from TWD 1.16bn, while costs grew to TWD 758m against TWD 677m.

Last year's figure included profit of TWD 109m from discontinued operations, however.

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