New service cuts Trailer Bridge profit
Trailer Bridge reported third quarter profit of $364,813 compared to $1.9 million in the prior year period.
Revenue in the quarter ended Sept. 30 was $28.2 million, compared to $28.9 million in the same 2006 period.
The company said third quarter results were negatively impacted by the startup of a new service to the Dominican Republic, which it estimated to have incrementally reduced net income by $900,000 during the quarter, largely through charter and fuel costs associated with a tug for the new service.
“Our new service started slow both in terms of the Dominican Republic startup and putting the additional Puerto Rico capacity to work. While we are gaining traction in attracting customers to and from the Dominican Republic, our volume performance was buffeted by softness in the Puerto Rico lane,” said John D. McCown, chairman and chief executive officer.
New service cuts Trailer Bridge profit
