Logistec Profit Dropped 40 Percent in Third Quarter

Logistec Profit Dropped 40 Percent in Third Quarter

Canada-based maritime and environmental services provider Logistec Corporation recently reported income in the third quarter, ending Sept. 29, was $8.7 million, dropping 40 percent from $14.4 million in last year’s third quarter, ending Sept. 24.

Profit in the first nine months, ending Sept. 29, was $11.5 million, falling 28 percent from last year’s profit of $15.9 million from January to Sept. 24.

Quarterly revenue was $78.5 million, jumping 17 percent from last year’s $67.2 million. Revenue in the first nine months was $183.2 million, a 16 percent increase from $158.4 million in the same period of 2011.

“Cargo handling’s growth is based on the handling of growing biomass volumes and the development of mining resources in Northern Quebec,” said Madeleine Paquin, president and CEO.

The company is expected to close the year on a positive note, she added.