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The Group recorded a net profit of $2.7 million for 1Q2013, an increase of $2.2 million from 1Q2012.
Total income for 1Q2013 was $20.3 million compared to $18.6 million for 1Q2012. Charter income and structured finance fee income increased the fee income of 1Q2013 to $7.1 million compared to $4.4 million in 1Q2012. Hotel income was $11.6 million for 1Q2013 compared to $14.4 million for 1Q2012 due to (i) 11 hotels under the Group's operations for 1Q2013 compared to 14 hotels for 1Q2012, and (ii) depreciated JPY/USD exchange rate which caused the translated hotel income from Japan to be lower in 1Q2013 compared to 1Q2012.
Total expenses for 1Q2013 was $16.8 million compared to $17.5 million for 1Q2012 mainly due to depreciated JPY/USD exchange rate which reduced the translated expenses of Japan subsidiaries.
Operating profit was $3.5 million for 1Q2013 compared to $1.1 million for 1Q2012.
The name of the Company was changed from Uni-Asia Finance Corporation to Uni-Asia Holdings Limited following the approval from shareholders at the Company's Extraordinary General Meeting on 25 April 2013.
On 25 April 2013, the Group signed contracts to purchase three 37,000 dwt handysize bulk carriers to be delivered between 2014 and 2016. This is in accordance with the Group's plan to expand the Group's shipping fleet in current shipping market. These acquisitions increase the Group's majority-owned/wholly-owned vessels to eight.
The Group continues to look for suitable opportunities for shipping and properties business.