CALGARY, Alta. — Trimac Income Fund suffered a drop in net earnings and revenue during the second quarter and first half of 2007.
Revenue for the second quarter was down $1.2 million in the second quarter compared to the same period a year earlier, but net earnings for the quarter dropped from $7.9 million to $2.6 million. In the first half of 08, Trimac’s profit fell from $9.4 million to $3.2 million.
Trimac reported its total loads hauled declined due to reduced demand, however, volumes remained relatively strong in Western Canada.
“The bulk trucking operations experienced some reduction in customer demand translating into reduced loads hauled and lower profitability,” explained Jeffrey McCaig, chairman, president and CEO of Trimac. “Fuel surcharges in the current period increased by $5.1 million or 55% over the prior period. This increase in revenue is primarily a cost recovery. When prior period one-time events are considered, consolidated net earnings are very similar to 2007 for the current period.”
McCaig said the company foresees “the continuation of the current operating environment” as it looks ahead.
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