Contrans' Earnings Fall in 2Q

Canadian firm Contrans Income Fund’s second-quarter income dropped to C$1.5 million or 5 cents a unit, from C$10.3 million or 36 cents a year ago.

Revenue rose to C$125.8 million from C$117.6 million, Contrans said.

Transportation services revenue rose to C$111.2 million from C$102.2 million.

The company said it booked a one-time, non-cash, future income tax provision of $7.6 million due to a new Canadian federal law that was enacted in March and changes the income tax rules that apply to income funds.

Contrans is ranked No. 68 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.