The Taiwanese bulker owner said net earnings to 30 September were TWD 44.94m ($1.44m), down from TWD 57.3m in the same period of 2013.

Revenue from its 31 ships rose to TWD 744.2m from TWD 732.5m, but expenses were TWD 670.2m, compared to TWD 624.5m the year before.

Foreign exchange gains added TWD 7m to the bottom line, against zero in 2013.

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