Trimac’s 4Q Income Falls

Canada-based transportation firm Trimac Income Fund earned C$1.2 million, or 2.3 cents per unit, in the fourth quarter, compared with C$3 million, or 10.9 cents, a year ago.

Revenue dropped to C$64.9 million from C$78.1 million, Trimac said in a statement. Transportation revenue fell to C$60 million, from C$66.8 million a year ago, while fuel surcharges declined to C$4.9 million, from C$11.3 million.

The company’s Bulk Plus Logistics unit’s earnings fell to C$2.9 million, from C$3.7 million the previous year.

Earnings for the full 2009 year dropped to C$5.4 million, or 13.9 cents a unit, from $13.8 million, or 46.9 cents, in 2008. Revenue fell to C$259.9 million, from C$326.7 million the previous year.

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. 41 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.