Algoma Central sees earnings fall to $22.8M in Q4; revenue flat at $148.8M

ST. CATHARINES, Ont. – Great Lakes shipper Algoma Central Corp. (TSX:ALC) has reported a slight decrease in both fourth-quarter and full-year earnings.

Algoma Central says net earnings in the three months ended Dec. 31 were $22.8 million or 59 cents per share, down from $24.2 million or 62 cents per share in the same 2012 period.

Revenue was $148.9 million, up from $148.7 million

For the full year, net earnings fell to $41.9 million or $1.08 per share from $42.2 million, also $1.08 per share, as revenue slumped to $481.5 million from $527.9 million.

Lower segment earnings were largely offset by reduced foreign exchange losses and an increase in interest income, due primarily to interest received on the recovery of vessel deposits and interest on refunded income tax instalments, it said.

Algoma Central owns and operates the largest Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes and St. Lawrence waterway.

Algoma also has interests in ocean dry-bulk and product tanker vessels operating in international markets and also owns a diversified ship repair and steel fabricating facility active in the Great Lakes and St. Lawrence regions and owns and manages commercial real estate properties in Ontario.