Business
Algoma Central Corporation Operating results to June 30, 2006 and 2005
Algoma Central Corporation Operating results to June 30, 2006 and 2005.
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\n\n(in thousands of dollars, except per share figures)\n\nST. CATHARINES, ON, Aug. 9 /CNW/ -\n\n>\n\nThe Corporation is reporting earnings from continuing operations for the\nthree months ended June 30, 2006 of $17,873 compared to $16,239 for the same\nperiod in 2005, and earnings from continuing operations for the six months\nended June 30, 2006 of $4,984 compared to $620 for the same period in 2005.\nThe improvements in earnings for both the three and six months ended June\n30, 2006 compared to the comparable periods in 2005 were a result of the\nfollowing factors:\n\n>\n\nThe above increases in earnings were partially offset with reductions in\nboth the domestic dry-bulk segment and ocean shipping.\nFor the three months ended June 30, 2006 compared to same period in 2005,\nthe domestic dry-bulk segment experienced a decrease in earnings. Even though\nincreases were achieved in net freight revenues due to improved efficiencies,\nthey were more than offset by higher operating expenses, primarily for\nself-insurance relating to vessel accidents and an increase in expense\nrelating to the repairs and maintenance during the winter lay-up period. For\nthe six months ended June 30, 2006, the reduction in earnings experienced in\nthe three months ended June 30, 2006 was partly offset by improved earnings\nfor the three months ended March 31, 2006 due to additional operating days and\nincreased earnings of the ship repair business. Ocean shipping experienced a\nreduction in earnings due to a reduction in operating days due to the\nscheduled dry-docking of two vessels.\nOn July 5, 2006 the Board of Directors declared a dividend of $0.35 per\ncommon share payable on September 1, 2006 to shareholders of record on August\n18, 2006.\n\n\n","length":3608,"tagName":"div"}]