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Crowley rides out downturn in wet trade.
(From Lloyds List)
Byline: John McLaughlin in New York
CROWLEY Maritime posted earnings of $6.9m in the fourth quarter of last year, taking the total for full-year 2002 to $17.3m. That compares with earnings of $3.1m and $20.1m in the corresponding 2001 periods.
The improved quarterly earnings came despite a drop in revenues to $246m compared with $238.7m in the fourth-quarter of 2001. Full-year revenues slipped to $977.9m in 2002, compared with $1,000.6m the previous year. Operating expenses fell 3.7% to $850.7m.
Commenting on the results, the Oakland, California-based company said operating earnings last year were 'favourably impacted by the decline in vessel capacity in the Puerto Rican trades as a result of the consolidation of two competitors.
'This was partially offset by a downturn in the oil and chemical distribution and transportation ...
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