Patriot Transportation’s 3Q Profit Declines

Tank and bulk carrier Patriot Transportation Holding’s fiscal third-quarter net income declined to $2.4 million, or 25 cents a share, from $2.6 million, or 28 cents, a year ago.

Revenue for the quarter ended June 30 rose 12.7% to $31.9 million, the company said in a statement Wednesday. Transportation segment revenues rose to $26.2 million, from $23 million a year ago.

Patriot undertook a 3-for-1 stock split in the form of a dividend on Jan. 3, and new shares were issued on Jan. 17.

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