TROPICAL SHIPPING RAISES 1ST-QUARTER OPERATING INCOME BY 39%
The U.S./Caribbean specialized carrier Tropical Shipping increased its operating income by 39 percent in the first quarter, to $5.7 million, from $4.1 million in the same quarter in 2002.
Revenue rose by 11 percent in the latest quarter, to $66.4 million, from $59.8 million in the first quarter of 2002.
The improvement in profit reflected higher volumes shipped, higher average rates and gains on asset sales, the parent company of Tropical said.
“Higher volumes shipped were attributable primarily to a prior acquisition and a modest improvement in tourism in certain markets,” said Nicor Inc., the energy-to-shipping group.
However, the group cautioned that the shipping business continues to be affected by adverse economic conditions throughout the Caribbean region, particularly as they relate to the tourism and to development projects.