Tropical ShippingÆs profits up
Nicor, the Illinois-based natural gas company and parent of U.S./Caribbean carrier Tropical Shipping, said its fourth quarter operating income from shipping more than doubled to $18 million from $8.6 million in the year-earlier period.
Quarterly shipping operating revenue improved 6.2 percent to $110.2 million, from $103.8 million in the same quarter in 2005.
For the year, Nicor's operating income from shipping improved 17.6 percent to $47.5 million from $40.4 million. Shipping revenue in 2006 increased 5.2 percent to $398.3 million from $378.5 million in 2005.
Nicor said the shipping gains in both periods were 'due primarily to increased revenues resulting from higher average rates, offset in part by the impact of lower volumes and higher operating costs.'
Tropical Shipping’s profits up
