Algoma Central reported a first quarter loss that was smaller than the one reported a year earlier thanks to better dry bulk results and increased shipments during the seasonally weak first quarter.
The Ontario-based company reported a net loss of CAD 19.1m ($13.9m) in the first quarter, compared to a CAD 22.9m net loss in the year earlier. Revenue for the quarter was up 20% compared to a year ago at CAD 48.7m.
"Our fiscal 2017 first quarter results reflect a sustainable improvement in domestic dry bulk earnings partially offset by some weakness in ocean self-unloaders," said Ken Bloch Soerensen, president and chief executive of Algoma.
The company usually reports a first-quarter loss as shipping slows in the winter. But Toronto-listed Algoma benefitted from a mild, but wet winter with a 16% increase in cargo volumes.
The winter was also marked by a more frequent freeze and thaws, which resulted in greater salt volumes, the company said. Domestic dry bulk revenue was up 58% to CAD 18.4m for the quarter.
Its products tankers fleet saw higher utilisation and revenue was up 37% compared to a year ago. The segment saw a slightly higher loss due to higher dry-dock spending in 2017.
Earnings for ocean self-unloaders were down 76% as pool earnings fell 35% and reduced vessel count in its Marbulk joint venture.
