Tropical Shipping’s 1st-quarter operating profit down 15.6%
Nicor Inc. today reported first quarter operating income of $10.3 million for its Florida-based shipping unit Tropical Shipping, representing a 15.6 percent decline from $12.2 million in the same quarter last year.
Nicor said the decrease was “due primarily to higher operating costs relating to higher transportation-related expenses (including fuel and inland freight costs) and higher employee-related costs.”
“Partially offsetting these negative factors were increased revenues resulting from higher average rates offset in part by the impact of lower volumes shipped,” Nicor added.
First quarter operating revenue of the U.S./Caribbean carrier rose 5.3 percent to $95.3 million, compared to $90.5 million a year earlier.
Tropical Shipping’s 1st-quarter operating profit down 15.6%
