Bahri posts 9.7% drop in profits
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Bahri posts 9.7% drop in profits

Bahri posts 9.7% drop in profits

The National Shipping Co of Saudi Arabia (Bahri) has reported a net profit of SR144.5m for the three-month period ended March 31, 2013, down 9.7% from the SR160.1m recorded in the corresponding quarter a year earlier, Arab News has reported. The decline was attributed to lower average time charter equivalent (TCE) rates achieved in the spot market for crude oil VLCC transportation. Operating profit dropped 42.8% to SR86.4m, compared with SR151.1m for the corresponding quarter of the previous year.

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