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BusinessBriefing.
(From Lloyds List)
Seacor profits hit by fourth quarter loss
OFFSHORE support vessel company Seacor Smit posted a $1.7m loss for the fourth quarter, compared with earnings of $1.6m in the same 2002 period, and attributed the negative turnaround to a broad range of factors including lower revenues from the offshore marine division, increased operating expenses, and equity losses.
The quarterly loss helped pin back earnings for the year to $12m, down sharply on the $46.6m in earnings posted in 2002. Revenues, meanwhile, came in at $101m for the quarter and $406.2m for the full year, compared with $99.7m and $403.2m for the corresponding 2002 period.
MIAMI-based marine and aviation fuel specialist World Fuel Services posted earnings of $5.6m for the fourth quarter of last year, up from $4.7m in the same 2002 period, writes John McLaughlin in New York.
The improved earnings took net income for the year to $21.9m, roughly 50% up on the $14.3m registered in 2002.
The surge in earnings last year reflected higher sales volumes, with revenues coming in at $705.6m for the quarter and $2,661.8m for the year, up from $577.4m and $1,898.2m in the corresponding 2002 periods.
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