Tropical ShippingÆs 2nd quarter income down 5%
Nicor, the Illinois-based natural gas company and parent of U.S./Caribbean carrier Tropical Shipping, said today its second quarter operating income from shipping declined 4.6 percent to $8.3 million, from $8.7 million a year ago.
Revenue from shipping in the quarter improved 3.4 percent to $88.7 million, compared to $85.8 million in the same quarter in 2006.
For the first half of the year, Nicor's operating income from shipping was down 4.2 percent to $18.2 million while shipping revenue increased 4.2 percent to $177.9 million.
Nicor blamed the declines in shipping operating income for both periods on increased operating costs such as higher labor and leased equipment charges, which were only partially offset by the increased revenues from higher transport volumes.