Cargo handling firm Logistec reports revenue, profit rise in second quarter

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MONTREAL - Logistec Corp. (TSX:LGT.B) says its environmental services business drove revenue higher, while its marine services segment managed to remain stable within an uncertain global economy.

The company earned $4.2 million in the second quarter, up from $1.6 million a year earlier, while revenue was about $60 million, up from $50 million a year earlier.

Logistec's profit was equal to 51 cents earnings per class A share and 55 cents per class B share. That's up from 20 cent and 21 cents a year earlier, respectively.

The company provides cargo handling in 24 ports in Eastern Canada, the Great Lakes and the U.S. East Coast. It also provides marine transportation services, short-line rail services and environmental services.

On Thursday, it announced the acquisition of CrossGlobe Transport, which provides logistics services in three terminals in the port of Virginia, for US$16 million.

"Overall, prospects for the second half of 2012 look similar to the first half," Logistec president and CEO Madeleine Paquin said in a statement.

"Our environmental services segment should maintain its momentum on the strength of a well-filled order backlog, whereas our marine services segment remains faced with an environment of weak economic growth, affecting the volumes of cargo handled at our facilities."

Organizations: Logistec Corp., TSX, CrossGlobe Transport

Geographic location: MONTREAL, Eastern Canada, Great Lakes U.S. East Coast Virginia

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