Caribbean carrier Tropical Shipping posted a $4 million operating loss on $80 million in revenue despite an increase in container volume, parent company AGL Resources said.
Tropical makes up AGL’s cargo shipping unit along with Seven Seas, a domestic cargo insurer. The division had negative earnings before interest and taxes of $1 million in the first quarter.
AGL did not provide comparable figures for 2011, but Nicor said last year that Tropical had a second quarter loss of $300,000 on revenue of $79.9 million.
Tropical’s container volume rose to 40,000 20-foot-equivalent units from 36,500 TEUs a year earlier.
AGL, an Atlanta-based natural gas utility, said Tropical operated at breakeven for the first half of the year. It acquired Tropical in December as part of its purchase of Nicor, an Illinois-based natural gas company.