The Bangkok-listed company recorded second quarter net profit of THB13.14m ($415,755) compared to THB401.29m in the same period of 2011.
However in the first six months of its financial year ended 30 June 2012, Precious Shipping booked a net loss of THB27.82m as against a net profit of THB509.92m in the corresponding period of last year.
The poorer results were blamed on a decrease in average earnings per day per vesssel from $12,454 in the first half of 2011 to $8,747 in the same period of 2012 due “to the extremely low freight market conditions this year”, the company said.
Vessel operating costs in the first half of this year were 39% higher year-on-year, mainly due to an increase in the number of ships operated during the period.
Precious Shipping operated an average of 28 vessels in the first half compared to an average of 21 ships in the same period a year ago.