Patriot Transportation’s 4Q Profit Jumps 415% on Property Sales

Patriot Transportation Holding Inc. said its profit in the fiscal fourth quarter and year jumped, due in large part to sales of investment properties.

The company, which owns Florida Rock & Tank Lines Inc. and some real estate businesses, reported a net income of $7 million in the quarter ended Sept. 30, or 72 cents per share. That compared with $1.4 million, or 14 cents a share, in the previous year.

Patriot had $37.1 million in revenue in the quarter. In addition, it saw $6.2 million in gains from investment property sales.

For the full year, income was $15.4 million, or $1.60 a share, compared with $7.8 million, or 82 cents a share.

Operating profit in the transportation segment rose 29.2% in the fourth quarter to $2.5 million. For the year, profit grew 25.1% to $9.4 million.