Bahri in the black

Bahri turned in a second-quarter profit Tuesday but the gain was nearly 21% lower than the one reported 12 months prior.

In a regulatory filing the diversified Saudi Arabian operator said net income amounted to SAR 130.43m ($34.8m) for the three months to 30 June.

Bahri blamed the decline on the lacklustre performance of its general cargoships, chemical tankers and 30% stake in Petredec.

Excluding adjustments applied to the result reported in the second-quarter of 2013 the owner noted net income would have decreased by only 1.50% year-on-year.

Bahri, which used to trade under the name National Shipping Company of Saudi Arabia or the acronym NSCSA, is based in Riyadh where it oversees a fleet of tankers, bulkers and ro-ro containerships.

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