Canada’s Algoma Central Corporation has pushed up earnings in the third quarter as expenses were controlled.
The tanker and bulker owner said the net profit to 30 September was CAD 23.56m ($17.48m), against CAD 13.49m in 2015.
Part of this year’s figure was a CAD 6.12m gain on cancelled shipbuilding contracts.
It said cost controls were central to its performance, while interest expenses were also lower.
Improvements
