Patriot’s Fiscal First-Quarter Profits Decline

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.