HIGHER fuel costs helped slashed quarterly earnings of Gallant Venture to $402,000 from $3.4 million the previous year.

Revenues for the three months ended March 31 rose 27 per cent to $61.8 million, but this was countered by a 41 per cent jump in operating costs to $49 million.

For the year ended Dec 31, profits halved to $6.1 million on a 12 per cent increase in turn-over to $227.1 million.

First-quarter earnings per share were 0.02 cent, dropping from 0.14 cent. Net asset value per share was 49.53 cents, down a shade from 49.57 cents as at Dec 31.

In a separate announcement, Gallant said it is selling four parcels of land on Bintan for $34 million. The aggregate book value of the assets is about $8.8 million.