Business
Algoma Central Corporation - Operating Results For the Three and Six Months Ended June 30, 2010 and 2009
Algoma Central Corporation - Operating Results For the Three and Six Months Ended June 30, 2010 a...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\n Aug. 4, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nALC-T\n\nTORONTO, Aug. 4 /CNW/ -\n\n\n >\n\n\nSecond Quarter Results\n\nThe Corporation is reporting net earnings for the three months ended June 30, 2010 of $11,352 compared to $13,509 for the same period in 2009.\nThe decrease in net earnings for the quarter ended June 30, 2010 of $2,157 when compared to the same prior year period was due primarily to a reduction in net foreign exchange gains that was partially offset with an improvement in operating earnings after income tax.\nThe Domestic Dry-Bulk segment's operating earnings net of income tax increased by $5,253 due primarily to an increase in operating days, an improved freight mix and reduced spending on repairs and maintenance.\nThe Product Tankers segment operating earnings net of income tax decreased by $1,081 due largely to reduced market rates for international operations and fewer operating days for the domestic operations resulting from reduced market demand. The reduction for the domestic tanker fleet was partially offset with increased operating earnings of the Algoma Dartmouth, which was purchased in January 2010.\nThe Ocean Shipping segment operating earnings net of income tax decreased by $2,797 due to higher costs for regulatory dry-dockings and the effect of the lower average foreign exchange rate in 2010 compared to 2009 to convert earnings denominated in U.S. dollars to Canadian dollars. There were three planned and one unplanned regulatory dry-dockings in the second quarter of 2010 versus two planned regulatory dry-dockings for the same quarter in 2009.\nThe Real Estate segment operating earnings net of income tax decreased by $135 due primarily to reduced occupancy at the shopping mall in Sault Ste. Marie.\nNet foreign exchange losses on the translation of foreign denominated assets and liabilities were $1,932 in the second quarter of 2010 compared to gains of $ 2,051 for the same quarter in 2009...