Canadian transportation conglomerate Vitran Corp. returned to profitability in 2002, despite generating slightly less revenue than in 2001.
For 2002, Vitran reported net income of $7.1 million on revenues of $314.1 million, up from a loss of $1.26 million on revenues of $317.8 million.
For the fourth quarter of 2002, Toronto-based Vitran reported net income of $2.24 million on revenues of $77.2 million, compared to net income of $1.2 million on $78.21 million in revenues.
Vitran added that operating income for its LTL segment increased 49% in 2002 compared to 2001, with the company's U.S. LTL operations posting a 7.5% increase in gross profit.
Its revenue from it truckload segment also increased, jumping 7.9% in 2002 compared to 2001. However, that revenue gain was offset by increases in liability and healthcare insurance, which reduced operating income from its truckload operation by 8.6% for the year.
