Revenue for the three months ended March 31 fell by 36 per cent to US$6.08 billion, no thanks to a fall in commodity prices.

Excluding the impact of one-off gains, the corresponding net profit last year would have been lower, at US$119.3 million.

Chairman David Eldon said the results were satisfactory given the difficult economic environment.

'We think the first quarter numbers we are releasing today represent a very credible performance - a record quarterly tonnage combining with a strong net profit margin and a strong balance sheet, to give us a very good start on the way to achieving a decent financial performance outturn in 2009,' he said.

First quarter tonnage increased to a record 49 million tonnes, from 39 million tonnes a year earlier.

Earnings per share eased to 2.79 US cents from 5.34 US cents previously, while net asset value per share climbed to 62 US cents compared to 57 US cents as at Dec 31.