LASH equipment sale boosts International Shipholding’s profit
International Shipholding Corp. had first quarter profit of $4.8 million, up from $4.7 million in the same 2007 quarter.
Revenue for the period was $55.8 million compared with $48.3 million in the same period a year earlier. The company said the results included $4.1 million from the sale of discontinued equipment from its lighter-aboard-ship (LASH) service, which has been discontinued.
Operating income was $1.5 million, compared to $1.9 million for the comparable period in 2007.
The company said one of its vessels servicing its Indonesian operations experienced a significant off-hire period resulting from damage to its engine. The vessel is now fully operational.
The company also noted that results from its carriage of supplemental cargoes on its U.S.-flag Pure Car Truck Carrier fleet, while producing favorable results for the quarter, were lower than the comparable 2007 first quarter results.
The company said its rail ferry service from Mexico to Mobile had higher volumes as a result of the addition of second decks to the vessels used in the service. Balance of the year operating income is expected to improve.