Cronos reports 2003 lucrative for leasing

The Cronos Group, a major lessor of intermodal containers including refrigerated units, reported net income of $4.2 million for 2003, compared with net income of $2.3 million for the year before.

Total revenues for 2003 were $126.3 million versus total revenues of $119.3 million for 2002. Gross lease revenue for 2003 increased by $3.9 million when compared with 2002, reflecting strong growth in global container trade and a 3% increase in the size of the Cronos fleet.

During 2003, the company purchased $64.8 million of new container equipment, representing 38,300 TEU, for its owned and its managed fleets.