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Product Tanker, Ocean Self-Unloader Segments Boost Algoma’s Earnings

August 9, 2019


Algoma’s net earnings rose to CAD 22.1 million (USD 16.7 million) in Q2 2019 from CAD 14.4 million (USD 10.9 million) seen in the corresponding period a year earlier.

As explained, profit was higher as a result of a rise in operating earnings and a foreign currency gain versus a loss reported last year.

Consolidated revenue for the 2019 second quarter was CAD 159.2 million, an increase of 14% compared to CAD 139.4 million reported for the same period in 2018.

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