Pacific Basin steams ahead with 55pc rise

PACIFIC Basin Bulk Shipping has reported a 55.2 per cent increase in its half-year profit to US$4 million, up from the $2.6 million recorded for the six months ended December 1993.

The operating profit rose from $5.2 million to $7.6 million, but turnover dropped to $29.67 million from $34.94 million a year ago.

Earnings per share amounted to 40 cents.

There is no comparable figure for the previous year since the company was recapitalised with an initial public offering (IPO) in September.

The company has declared a second quarterly dividend of 12.25 cents a share, which will be paid on March 31.

The first quarterly dividend of 12.25 cents was paid on December 30.