HALIFAX, N.S. — Global financial market woes drove Clarke Inc. to a $124.1 million loss in 2008, but its freight transportation business remained profitable.

Clarke’s freight transportation segment earned $14.8 million before taxes in 2008, up $5.5 million over 2007, the company reported.

For the fourth quarter of 2008, Clarke’s freight transportation segment earned $2.5 million in income before taxes which was on par with Q4 2007 earnings.

“This strong performance was attributable to new service offerings, a renegotiation of the ferry service contract, and improvements in operating margins,” Clarke said in its latest financial report.

Looking ahead, Clarke said it expects its freight transportation business to suffer from current economic conditions.

“Notwithstanding the strong results delivered in 2008, the freight transportation segment is expected to be negatively affected by overall weakness in the economy,” the company said. “Management has undertaken immediate measures to preserve profitability within this key segment, however 2009 results are not expected to be as strong as those posted in 2008.”