Patriot Transportation Holding said its fiscal first-quarter profit declined 25% from a year ago as its transportation revenue improved.
Net income for the quarter ended Dec. 31 declined to $2.3 million, or 24 cents a share, from $3.1 million, or 33 cents, a year earlier.
Revenue rose 17.4% to $38.8 million, while transportation revenue increased $5 million to $32 million.
The operating profit for the company’s transportation segment declined to $1.5 million from $1.8 million.
Revenue per mile declined 3.3% from the same time last year because of longer average haul, the company said in a statement.
Patriot operates tank carrier Florida Rock & Tank Lines and a real estate business.