JOC Staff | Feb 25, 2013 12:31PM EST
Commercial Barge Line Company today reported its 2012 profit was $20.8 million, improving from a net loss of $14.2 million in 2011. Annual revenue was $811.6 million, declining 4.9 percent from $852.9 million.
The Indiana-based marine transportation company’s net income in the fourth quarter of 2012 was $9.7 million, down 5.5 percent from $10.2 million in the fourth quarter of 2011.
Quarterly revenue was $207.9 million, compared with $244.5 million in the same quarter in 2011.
“We are quite pleased with the continued strong operating performance we experienced, despite the challenges we faced due to the drought-related operating conditions, as well as its impact on the U.S. grain harvest,” said Mark Knoy, president and CEO, in a written statement.
“We continue to see opportunities in the energy sector, as North American oil production continues to rise,” Knoy added.