May 19, 2010 / 9:04 PM / 8 years ago

UPDATE 1-Star Bulk Q1 adj profit narrowly beats Street view

* Q1 adj EPS $0.02 vs est $0.01

* Rev down 35 pct at $29.3 mln vs est $27.8 mln

* Overall expenses fall 13 percent

May 19 (Reuters) - Greek dry bulk carrier Star Bulk Carriers Corp’s (SBLK.O) adjusted quarterly income beat market estimates by a cent as overall expenses at the company fell 13 percent.

Net loss for the first quarter was $33.0 million, or 54 cents a share, compared with a net income of $22.5 million, or 37 cents a share, in the year ago quarter.

Excluding items, the marine transporter earned 2 cents, beating estimates by a cent, according to Thomson Reuters I/B/E/S.

    Total revenue fell 35 percent to $29.3 million, as the company that operated an average of 11 vessels during the quarter saw average time charter equivalent rate falling more than 26 percent to $25,919 per day. Analysts expected revenue of $27.8 million.

    Overall expenses for the quarter fell to $27.1 million.

    Star Bulk shares closed at $2.71 Wednesday on Nasdaq. (Reporting by Krishna N. Das in Bangalore; Editing by Maju Samuel)

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