Increases in revenues were achieved for all sectors except the product tanker segment.
The segment earnings after tax were $35,895 for 4Q14. Included in the quarterly results was an impairment charge in the product tanker segment of $10,302. Excluding this, segment earnings would have been $25,593, compared to $21,573 for 4Q13, the company said.
All business segments experienced improvements in earnings except for the ocean segment whose earnings for 4Q14 were about the same as 4Q13.
Excluding the impact of the impairment reversals, product tanker results improved, due to additional operating days and reduced expenses.
The net earnings were $35,318, compared to $22,849 in 4Q13.
For the full year, Algoma reported revenues of $503,683, compared to $491,499 for 2013.
The increase is mainly attributable to the corporation’s domestic drybulk business, as a result of strong customer demand and high fleet utilisation compared to the previous year.
However, this increase was partially offset by reduced volumes for domestic tankers and ocean shipping.
Segment earnings after tax were $58,104 in 2014, compared to $46,146 for 2013. Increases in the operating earnings of domestic drybulk, product tankers and real estate segments were partially offset by a reduction in the earnings of the ocean shipping segment.
Net earnings were $52,765, compared to $41,923 for 2013.