over last year, but were still in the red.

For the quarter ended March 31, 1995, BT lost $394,000 or five cents per share compared to $591,000 or seven cents per share a year earlier.

While second quarter results would be influenced by drydocking of two vessels, this year is expected to produce a gradual improvement in trading conditions, particularly in second half which is traditionally a period of higher demand, said Mr. S.E.N. Pollock, chairman and CEO of BT.

Operating revenue was $5.4 million compared to $5.9 million a year earlier while profit before depreciation was $1.11 million compared to $1.07 million a year earlier.

First quarter voyage expenses declined from $3.8 million to $3.3 million.

Shareholders' funds declined from $39.4 million to $34.9 million while assets at March 31 were $60.9 million compared to $76 million a year earlier.

BT, an international shipping company incorporated in Bermuda, owns and operates a fleet of six 70,000 dwt product ocean-going tankers.