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Montreal Port reports 19pc profit surge in 2013 despite hard time
THE Montreal Port Authority (MPA) posted a 19 per cent year-on-year increase in operating profit to C$5.7 million (US$5.2 million) in 2013, also reporting a net income of C$4.2 million.
The MPA's operating income reached C$87.4 million, up two per cent compared to the previous year. The increase in expenditures was contained at one per cent, or C$81.7 million.
MPA president and CEO, Sylvie Vachon, said the port comparable results in the last two years, 2011 being a record year, and in 2013, the port handled a 28.2 million tonnes of cargo, a slight decrease of 0.9 per cent compared to 2012.
Montreal port handled 1.4 million TEU, down 1.1 per cent year on year. This was attributed to the weakness of the European economy
But this decline was offset by the growing diversification of the markets served by the Port of Montreal. Similarly, liquid bulk traffic edged down 1.8 per cent to 9.5 million tonnes. The year 2013 remains one of the best years for this business sector, the port said.
For its part, dry bulk traffic increased 0.2 per cent to 6.6 million tonnes. One noteworthy increase was iron ore (up 31.9 per cent). "In 2014, this sector will continue to grow, especially once a new partner, CanEst, starts operating a grain containerisation facility at the end of the summer," said Ms Vachon.
In 2013, the port increased its container capacity by 13 per cent, redeveloped an area of the petroleum products sector and was to be able to dock larger vessels and to give the passenger terminal a makeover.
The year 2013 was also the postpanamax year, when the port received authorisation to dock 6,000-TEU vessels up to 44 metres abeam.
The MPA's operating income reached C$87.4 million, up two per cent compared to the previous year. The increase in expenditures was contained at one per cent, or C$81.7 million.
MPA president and CEO, Sylvie Vachon, said the port comparable results in the last two years, 2011 being a record year, and in 2013, the port handled a 28.2 million tonnes of cargo, a slight decrease of 0.9 per cent compared to 2012.
Montreal port handled 1.4 million TEU, down 1.1 per cent year on year. This was attributed to the weakness of the European economy
But this decline was offset by the growing diversification of the markets served by the Port of Montreal. Similarly, liquid bulk traffic edged down 1.8 per cent to 9.5 million tonnes. The year 2013 remains one of the best years for this business sector, the port said.
For its part, dry bulk traffic increased 0.2 per cent to 6.6 million tonnes. One noteworthy increase was iron ore (up 31.9 per cent). "In 2014, this sector will continue to grow, especially once a new partner, CanEst, starts operating a grain containerisation facility at the end of the summer," said Ms Vachon.
In 2013, the port increased its container capacity by 13 per cent, redeveloped an area of the petroleum products sector and was to be able to dock larger vessels and to give the passenger terminal a makeover.
The year 2013 was also the postpanamax year, when the port received authorisation to dock 6,000-TEU vessels up to 44 metres abeam.
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