The Bangkok-listed company booked net profit of $4.27m forthe three months to 31 March versus $9.33m for the same period a year earlier.
This was despite its fleet earning an average of $9,268 perday per vessel, up by a third on the $7,030 daily seen in the first leg of 2013.
Precious put the discrepancy down to one off gains from thecancellation of a series of newbuildings in 2013 compared to none in the firstquarter of this year.
Average operating costs rose by 7% to $4,636 per ship perday from $4,318.
Precious has 40 vessels in the water with five more due tojoin its fleet this year, 17 next year and seven in 2016.
