Patriot Transportation Reports 3Q Profit

Tank and bulk carrier Patriot Transportation Holding said Wednesday it posted a profit in its fiscal third quarter, turning around a loss from a year ago.

Its third-quarter net income was $2.6 million, or 83 cents a share, compared with a loss of $402,000, or 13 cents, a year ago.

Revenue for the quarter ended June 30 rose 1% to $28.4 million. Transportation revenue rose slightly to $23.1 million.

Patriot said earlier this year that its transportation group had been unsuccessful in renewing contracts with customers representing about 11% of transport revenue, but in the third quarter it said it “continued to find replacement business for the non-renewed contracts and accordingly revenue miles were only 0.7% lower than the same quarter last year.”

Patriot operates tank carrier Florida Rock & Tank Lines and a real estate business.