COSCO Corporation (Singapore) Ltd said on Wednesday its first-quarter net profit jumped 30 percent from a year earlier to S$12.6 million ($10.04 million), the highest in more than a year.

The shipbuilder, controlled by Chinese state-owned conglomerate China Ocean Shipping (Group) Company (COSCO), posted a 42 percent increase in first-quarter revenue to S$1.04 billion, as higher income from ship repair and marine engineering offset a decline in revenue from building dry bulk carriers and other conventional vessels.

“Due to new tonnage accumulation in the past years, any possible market recovery in the dry bulk shipping segment will be a slow process with uncertainty,” COSCO Corp said in a statement.

“Overall, the Group continues to expect difficult and challenging business and operating conditions in 2014.”

The company’s order book stood at $7.6 billion, down from $7.8 billion at the end of 2013.