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Navios Maritime returns to profit in 1st quarter

NEW YORK (AP) -- Navios Maritime Holdings Inc. returned to a profit in its first quarter as the prior-year period was burdened by the deconsolidation losses.

The Greek drybulk shipping company said Thursday that it earned $9.5 million, or 9 cents per share, for the period. That compares with a loss of $38.1 million, or 38 cents per share, a year ago.

The prior-year period included a $35.3 million loss on the deconsolidation of Navios Maritime Acquisition Corp., which owns and runs tanker vessels.

Chairman and CEO Angeliki Frangou said in a statement that Navios has looked to cut its expenses further by making its fleet more efficient. The executive said that fleet utilization is now at 99 percent.

For the three months ended March 31, revenue dropped 16 percent to $152 million from $181.8 million.

Navios declared a first-quarter dividend of 6 cents per share. The dividend will be paid on July 3 to shareholders of record on June 26.

Shares of the company slipped 4 cents to $3.22 in afternoon trading.