NEW YORK (AP) ¿ Greek shipping company Top Ships Inc. on Friday posted a first-quarter profit despite plunging revenue, mostly due to lower interest and finance costs.

The company earned $1.4 million, or 5 cents per share, compared with a loss of $18.8 million, or 93 cents per share, in the year-ago quarter.

Revenue sank to $29.8 million from $72.6 million a year earlier.

The company's interest and finance costs fell to $2.3 million from $8 million a year earlier.

It said it is continuing to try and get out of certain vessel contracts to cut its leasing costs. Top Ships is also currently trying to get waivers to extend the terms of some of its debt.

The stock fell 48 cents, or 15 percent, to $2.62 in morning trading.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

What's Behind the Surge in Energy Stocks

What's Behind the Surge in Energy Stocks

Hillary Clinton Says Prosecuting Individuals is Key to Wall Street Reform

Hillary Clinton Says Prosecuting Individuals is Key to Wall Street Reform