Preliminary results for Bermuda-registered Bona Shipholding Ltd., the tanker arm of Norwegian ship owner Leif Hoegh, show the company managed an overall profit of just under $1 million in 1994, despite three quarters in the red.

"Both the tanker market and the dry bulk market improved significantly during the last quarter of 1994. Higher year-end rates with somewhat lower than anticipated operating expenses were sufficient to turn the $3.2 million loss for the first nine months into a profit for the year as a whole,'' according to a release from the company.

Preliminary unaudited figures, released yesterday and submitted to the ship owner and chartering company's board of directors, show a $943,000 profit for the year, off 15 percent from the $1.11 million reported for 1993.

Results for 1994 and 1993 are a significant improvement over the $25.9 million loss posted for 1992.

For the three months ending December 31, 1994, net earnings rose about 152 percent to $4.14 million, compared to $1.64 million in the fourth quarter of 1993.

"Disregarding the CoFR-hike (US Coast Guard Certificates of Responsibility for ships entering American waters) which occurred during November and December, improved earnings have continued into 1995. Even if markets are expected to lose some momentum during the second and third quarters, Bona believes 1995 will show better results than 1994,'' according to the company.

Operating profit before depreciation was $25.3 million compared to $11.1 million for 1993, up 128 percent, and operating profit after depreciation was $5 million, compared to $1.6 million in 1993, an increase of 213 percent.

Freight revenues for the year were $100.6 million compared to $54.6 million a year earlier, up 84 percent, while freight revenues for the quarter were $33.2 million compared to $16.9 million a year earlier, up 96 percent.

Annual voyage expenses rose from $17.0 million to 26.9 million, a jump of 58 percent, while fourth quarter voyage expenses rose from $4.4 million to $7.6 million or 73 percent.

Time charter income was $73.7 million, compared to $37.6 million for 1993, up 96 percent, and $25.6 million for the fourth quarter of 1994, up 105 percent from $12.5 million in the fourth quarter of 1993.

Assets jumped 29 percent from $395.3 million to $508.8 million.

Net Asset Value (NAV) at year end was $288.5 million, up $3.1 million from a year earlier.

The company's per share NAV was $10.11 at December 31, 1994.

Share price increased from $9.44 to $9.62 during the fourth quarter with yearly earnings per share were three cents.

Norwegian investors owned 49.1 percent of the shares as of December 31, just under the maximum of 50 percent.

"The weak market during 1994 gave Bona an opportunity to take some vessels out of service and to drydock seven ships. The number of days out of service for the fleet is expected to be considerably reduced in 1995 as only two vessels are scheduled for drydocking,'' the release added.