The diversified Canadian operatorreported a deficit of CAD 20.3m ($18.5m) for the three months to 31 March, versus a lossof CAD 26.2m in the comparable period a year ago.
Revenues rose to CAD 51.7m from CAD50.7m year-on-year thanks to the improved performances of its tanker, oceanshipping and real estate divisions.
In Algoma’s first-quarter earningsrelease it noted the domestic dry-bulk segment was covered in red ink yetagain, however, which partially offset the gains made by other departments.
Despite
