November 14, 2007
P&W Links Poor Income To Declining Revenue
By Matthew L. Brown
Worcester-based Providence & Worcester Railroad Co. reported third quarter net income of $181,000 compared to $909,000 for the same period last year.
The railroad also reported a net loss of $633,000 for the first nine months of the year compared to net income of $899,000 for the same period in 2006.
The company said income for the third quarter of 2006 included a gain of $500,000 on the sale of surplus property. "No such gains of this magnitude were realized in 2007," the company said.
Compared to last year, the railroad's operating revenue decreased by 6.3 percent to $7.3 million during the quarter. The company said the decrease was due to a decline in container traffic. The company blamed the net loss for the first nine months of the year and the weak net income for the third quarter on declining operating revenue.
The railroad also reported a net loss of $633,000 for the first nine months of the year compared to net income of $899,000 for the same period in 2006.
The company said income for the third quarter of 2006 included a gain of $500,000 on the sale of surplus property. "No such gains of this magnitude were realized in 2007," the company said.
Compared to last year, the railroad's operating revenue decreased by 6.3 percent to $7.3 million during the quarter. The company said the decrease was due to a decline in container traffic. The company blamed the net loss for the first nine months of the year and the weak net income for the third quarter on declining operating revenue.
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