Tropical Shipping’s 4th-quarter operating profit down 78%

Tropical Shipping’s 4th-quarter operating profit down 78%    Nicor Inc. said the fourth quarter operating income of its shipping unit Tropical Shipping dropped 78 percent to $8.6 million from $15.3 million in the same quarter 2004.
   Nicor said the decrease was “due primarily to lower volumes shipped and higher operating costs relating to higher transportation-related expenses, including fuel, inland freight and vessel charter costs); and increased legal and audit fees.”
   Fourth quarter operating revenue of the U.S./Caribbean carrier rose 6.7 percent to $103.8 million, compared to $97.3 million a year earlier.
   For the full year, Tropical’s operating income improved 27.8 percent to $40.4 million from $31.6 million in 2004. Operating revenue jumped 21.8 percent to $378.5 million from $310.7 million.