quarter profits declined marginally compared to the same period last year.

For the three months ending June 30, the company made $1.62 million compared to $1.68 million earlier.

"While net income is largely in line with the corresponding prior quarter, this quarter's net income is lower than that achieved in the fourth quarter of last year. This fall is the result of lower rates earned on the majority of the fleet, off hire for dry docking and a loss on the initial voyage of the London Glory ,'' said LOF CEO Mr. Miles Kulukundis.

"We remain positive for the trading prospects for our fleet as well believe that our combination of modern high-specification vessels combined with experienced British officers and lengthy experience in the US trades will be a product that will be much in demand,'' he said.

Net operating revenues rose 8.7 percent to $7.5 million from $6.9 million while net operating expenses declined to $1.9 million from $2 million, a drop of five percent.

Assets rose 17 percent to $209.2 million from $178.7 million while shareholders' equity at June 30 was $117.4 million compared to $116 million at March 31.

Earnings per ordinary share were .022 or .22 per American Depository Share (ADS) compared to .023 or .23 ADS for the prior period, the company said Wednesday.

LOF declared a dividend of .0025 per ordinary share equivalent to .025 per ADS to shareholders of record September 26 payable to ordinary shareholders October 17 and to ADS holders October 18.