SEABOARD DOUBLES 2ND-QUARTER OPERATING PROFIT
Seaboard Corp. reported a 106-percent increase in the operating profit of its marine business, Seaboard Marine, for the second quarter, to $6.4 million.
The quarterly operating income compares with a result of $3.1 million in
the second quarter of 2000.
Net sales in the latest quarter were $96.7 million, up from $87.6 million
in the year-earlier quarter.
“These increases resulted from an increase in volumes, new services offered as a result of a cargo terminal facility at the port of Houston in 2000 and, to a lesser extent, an increase in cargo rates,” Seaboard said. The company also cited an improved South American market.
For the first six months, Seaboard reported an operating income of $11 million, up from $2.5 million in the first half of 2000, with net sales of $186.6 million, up from $164.5 million.
Seaboard said that economic uncertainties still exist in certain South American but markets, volume and rates in these markets improved in 2001 compared to 2000. By contrast, business declined in the Caribbean basin, the company added.
Seaboard Marine, a wholly-owned subsidiary of Seaboard, provides ocean transportation services between the United States, the Caribbean basin, Central and South America.