Trimac Reports First-Quarter Loss

Canada-based transportation firm Trimac Income Fund said it lost C$700,000 in the first quarter, or 5 cents per unit, compared with a profit of C$600,000, or 2 cents, a year ago.

Revenue slipped to C$64.1 million, from C$76.8 million, Trimac said in a statement. Transportation revenue fell to C$59.4 million, from C$66.6 million a year ago, the company said.

The company’s Bulk Plus Logistics’ unit’s revenue fell by C$700,000, 17.9%, due primarily due to its exiting of a transload management contract in May 2008 and decreased freight brokerage volumes in Canada and the United States.

Trimac does not include its U.S. operations in its publicly stated earnings, which only encompass Trimac Income Fund and its Canadian operations.

Trimac Income Fund is the Canadian segment of Trimac Group, which ranks No. 42 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.