Logistec says Montreal terminal busier

Logistec says Montreal terminal busier Logistec Corp, which handles cargo at eastern Canadian and U.S. ports, reported first quarter net income of about $500,000, down from $700,000 in the year-earlier period.
   Revenue for the most recent quarter improved to $44.3 million from $42.3 million in the first quarter of 2006.
   “Although the first quarter is the year’s slowest period for Logistec Corp. because of the seasonal nature of our business, we were pleased to achieve revenue growth while also maintaining our profitability,” said Madeleine Paquin, president and chief executive officer.
   She credited the revenue growth mainly to improved activity at Logistec's Montreal container terminal and larger volumes of aluminum and fruit.
   Paquin said the company had higher income from operations, and that net income was reduced by a re-evaluation of Quebec Railway Corp. market value that resulted in a $600,000 charge before taxes in the quarter.
   For the coming year, she said the forest products industry is still struggling and that the company faces a decline in its steel and imported lumber-handling business.
   The container and bulk cargo-handling operations were expected “to remain solid,” she said.
   Logistec Corp. is based in Montreal and provides specialized services to the marine community and industrial companies, handling container, breakbulk and bulk cargo handling at 22 ports in eastern Canada, the Great Lakes and the U.S. East Coast.