The parent to liquid and dry bulk carrier Florida Rock and Tank lines reports earnings in the final three months of last year fell 25% from a year earlier, despite an increase in revenue.
Florida-based Patriot Transportation Holding net income of $2.34 million or $.24 per share compares $3.12 million or $.33 per share in the same period last year.
Total revenues during the period were $38.8 million, a 17.4% gain over the same quarter last year.
Transportation segment revenues were $31.59 million in the first quarter of 2014, an increase of $4.95 million over the same quarter last year.
In the company’s other interests, mining royalty land segment revenues were $1.27 million, a decrease of 4.7% over the same quarter a year ago while developed property rentals segment revenues were $5.96 million, an increase of 17.2%.
Consolidated operating profit was $4.12 million, a drop of 6.4% compared to a year earlier.
More information is on the Patriot Transportation website.