Taiwan-based U-Ming Marine Transport Corp saw its first quarter net profit chopped as revenue tumbled and operating costs remained high.

The Taipei-listed company reported first quarter profit of NT$197.53m ($6.63m), a plunge of 66.3% from NT$585.57m in the same period of 2012.

Revenue for the dry bulk shipping firm also dropped to NT$1.58bn from NT$2.08bn a year ago.

Operating expenses were recorded at NT$1.57bn, down from NT$1.64bn a year earlier while operating profit slipped to NT$55.16bn compared to NT$367.84m last year.