August 14, 2007
P&W shunts second-quarter gains into first half loss
By Matthew L. Brown
The Providence and Worcester Railroad Co. reported second-quarter net income of $347,000 compared to $259,000 for the same period in 2006.
Income increased as operating revenue for the quarter decreased from $7.2 million in 2006 to $6.9 million for the second quarter of this year.
The company said the 3.7 percent revenue slide was mostly due to a decline in container traffic.
For the six months ended June 30, the company reported a net loss of $1.2 million, compared to a net loss of $10,000 for the first half of 2006. The company pegged that decline on the dip in operating revenue during the first quarter of 2007.
Income increased as operating revenue for the quarter decreased from $7.2 million in 2006 to $6.9 million for the second quarter of this year.
The company said the 3.7 percent revenue slide was mostly due to a decline in container traffic.
For the six months ended June 30, the company reported a net loss of $1.2 million, compared to a net loss of $10,000 for the first half of 2006. The company pegged that decline on the dip in operating revenue during the first quarter of 2007.
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