November 13, 2009
P&W Reports 25% Decline In Operating Revenue
By Matthew L. Brown
Continued declines in shipments and traffic volume brought the Providence and Worcester Railroad Co.'s third quarter profit down to $158,000 compared to $534,000 a year ago.
The company also reported a $902,000 loss for the first nine months of the year.
Over the same period, operating revenue decreased by $2.1 million, or 25.4 percent, to $6.1 million.
The company said it made $484,000 on the sale of surplus property and equipment during the quarter and decreased its operating expenses by $2 million, or 24.4 percent. Reductions in diesel cost and usage accounted for $733,000 of that decrease.
Company management said it cannot predict when economic conditions will improve enough to bring P&W back to profitability.
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