Polys Hajioannou's Safe Bulkers is still willing to pursue fleet expansion opportunities despite a dip in first-quarter profit.

Polys Hajioannou.
Nasdaq-listed Safe watched net income drop 21% to $21.6m in the first leg of 2012 as operating expenses, depreciation and derivatives losses increased while revenue rose to $44.8m from $43m year-on-year.

The result, which amounted to a gain of $0.30 per share, was largely in line with Wall Street forecasts.

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