Tropical Shipping’s 3rd-quarter profit up 84%
Nicor Inc. said Tuesday that third quarter net income of its shipping arm Tropical Shipping, soared 84 percent to $9.4 million from $5.1 million in the same period 2004.
Nicor said the increase was “primarily due to increased volumes shipped and higher average rates.”
Third quarter revenue of the U.S./Caribbean carrier rose 25.5 percent to $91.9 million, compared to $73.2 million a year earlier.
“Our shipping business continues its outstanding performance,” said Russ M. Strobel, Nicor’s president and chief executive officer.
For the nine months ended Sept. 30, Tropical’s operating income has almost doubled to $31.9 million from $16.2 million after the same period last year. Revenues at the shipping company have improved 29 percent to $274.7 million from $213.3 million.