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Bahri's Net Profit rises 54% during the March ended quarter 2016

Date 06-May-2016
Subject Bahri's Net Profit rises 54% during the March ended quarter 2016

RIYADH: Bahri’s net profit registered an increase of 53 % for the quarter ended 31st March 2016 at SAR 611.99 Millions as against SAR 398.41 Million registered in its previous corresponding period.

The management attributed the increase in operating revenues as a result of buying and receiving several VLCCs.

Further an increase in average Time Charter Equivalent (TCE) rate in crude oil transportation spot market during the current quarter also aided this growth momentum. An increase in the operating revenues and net income of General Cargo Transportation sector was due to the improvement of operating and commercial performance, besides decrease in average ship running expenses and decrease in average bunker prices.

Source: - Dailyshippingtimes.com

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