Contrans’ First-Quarter Income Declines

Canadian firm Contrans Income Fund said Tuesday its first-quarter income fell to C$5 million, or 17 cents per unit, from C$8.1 million, or 28 cents, a year ago.

Revenue rose slightly to C$120.4 million, the company said in a statement. Transportation revenue excluding fuel surcharges slipped to C$102.3 million, from C$106.4 million.

“The North American economy, which we felt has been in trouble for quite some time, has continued to deteriorate,” said Chairman and Chief Executive Officer Stan Dunford.

“A strong Canadian dollar has compounded this effect on this country's manufacturing activity, adversely affecting exports and southbound truck traffic. These factors have had an impact on everyone in our industry some far more than others,” he said in a statement.

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