MONTREAL, Que. — TransForce suffered a decline in revenue and profit in the second quarter, consistent with the continuing economic downturn, the company has reported.
Q2 revenue dropped 24% to $454.2 million and net income decreased from $19.3 million the year before to $18 million.
Year to date, TransForce has experienced a 19% decline in revenues compared to the same period in 08 while net income dropped to $21.1 million from $38.4 million in the first six months of 2008.
“The economic environment continues to be challenging, with lagging demand,” said Alain Bedard, president and CEO of TransForce. “While we are cautiously optimistic that a bottom may have been reached, we cannot predict the speed of an overall economic recovery. TransForce is focused on what it can control and our people continue to decrease overhead costs and align our businesses with market conditions.”
Bedard said debt reduction is the company’s priority and it has trimmed its debt by more than $50 million so far this year.
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