German shipping asset manager MPC Capital has seen profit chopped in the first quarter as revenue fell.
Earnings before tax were EUR 3.2m ($3.58m), compared to EUR 10.4m in the same period of 2015, when it enjoyed "exceptionally high" transaction fees.
Revenue dropped to EUR 8.9m from EUR 17.2m, but the company said it had made a "successful start" to the year.
Looking ahead, MPC has reaffirmed its expectation of revenue growth of at least 10% and an increase in profit above this level
The company is intent on doubling assets under management to EUR 10bn, CFO Constantin Baack told TradeWinds last week.
The Hamburg-based, Schroeder-family controlled firm has around EUR 5.5bn under management.
More than half of that figure, EUR 2.8bn, is in shipping, with the remainder divided between real estate and infrastructure.
