Algoma Central Corporation reported first quarter revenues of $51.7 million compared to $50.8 million for the same period in 2013, and a net loss of $21.9 million versus a net loss of $28.7 million for the same period of 2013. Increases in the Product Tanker, Ocean Shipping and Real Estate segments were partially offset by reductions in the Domestic Dry-Bulk segment.
The reduced loss was due primarily to a reduced loss in the Domestic Dry-Bulk segment due to reduced maintenance costs incurred during the winter lay-up period. The Product Tanker and Ocean Shipping segment earnings after income taxes were approximately the same for the two periods. Earnings of the Real Estate segment were down due to increased costs.