Bangkok-headquartered Precious Shipping more than doubled its annual profit in 2013 due largely to cancelled newbuilding contracts and exchange gains.

The dry bulk shipping firm recorded a 2013 net profit of THB527.77m ($16.09m), a surge of 274% compared to a gain of THB141.03m in 2012.

Last year's revenue also increased to THB4.83bn from THB3.83bn in the previous financial year, the Bangkok-listed company announced.

“The company recorded gains on novation/cancellation of shipbuilding contracts THB935.41m for the year 2013 which represents gain on novation/cancellation of 12 shipbuilding contracts which, for the year 2012 was about THB305.45m and represented gain on novation of two shipbuilding contracts,” Precious Shipping said.

Revenue was also boosted by exchange gains of THB13.33m last year.