CALGARY, Alta. — Trimac’s Q2 transportation revenue dropped $9.1 million over the second quarter of 2008 and net earnings plunged from $2.6 million to $1.1 million, according to its latest financial reports.
For the six month period ending June 30, net earnings dropped from $3.2 million in 2008 to $400,000 in 2009.
Excluding fuel surcharges, western division transportation revenue declined by $7 million in the second quarter of 09, or 17.5%. In the east, transportation revenue dropped 3.3% ($800,000). Trimac’s Bulk Plus Logistics saw revenue decrease by $1.4 million or 30.4%.
“Despite the continuation of a challenging operating environment throughout Canada, Trimac was able to hold its EBITDA margin compared to the second quarter of 2008,” explained Jeffrey McCaig, chairman and CEO of Trimac. “Trimac’s ability to maintain its EBITDA margin was the result of the successful implementation of cost reduction programs as management acted proactively to mitigate the effects of lower volumes. Trimac’s management is continuing to implement cost controls and pursuing additional profitable business in an attempt to further mitigate the impact of the current recession.”
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