North-Western Shipping (NWS) has posted a 50% drop in net profit during the first quarter.
The Russian dry cargo specialist said earnings were RUB 260.74m ($3.95m) to 31 March, down from RUB 518.02m in 2015.
Revenue rose 3.5% to RUB 1.86bn, while operating profit dropped 33% to RUB 210.95m.
For the whole of 2015, NWS had carried 4.8m tonnes of freight, down 14% year-on-year.
