Tropical’s profits fall 15.5%

Tropical’s profits fall 15.5%    Tropical Shipping’s operating income dropped 15.5 percent to $8.7 million in the second quarter, compared to $10.3 million in the year prior quarter, parent company Nicor Inc. reported on Tuesday.
   The U.S./Caribbean carrier’s second quarter revenue increased 2.4 percent to $94.5 million, from $92.3 million a year ago.
   After six months, Tropical’s operating income was $19 million, down 15.5 percent from $22.5 million in the first half 2005. First half revenue was up 3.8 percent to $189.8 million.
   “Declines in both periods were due primarily to higher operating costs relating to higher transportation-related expenses (including fuel and inland freight costs), employee-related costs and leased equipment,” Nicor said.
   “Partially offsetting these negative factors were increased revenues resulting from higher average rates, offset in part by the impact of lower volumes shipped.”