July 23, 2009 / 11:12 AM / in 9 years

UPDATE 1-Vitran Q2 profit falls

* Net income of $0.4 mln, rev $158.7 mln

* LTL segment income down to $1.2 mln from $8.5 mln

July 23 (Reuters) - Vitran Corp Inc VTN.TO VTNC.O posted a small second-quarter profit sequentially helped by strong logistics business, but a fall in less-than-truckload segment, changes in fuel surcharge and foreign exchange saw profits falling 90 percent from a year ago.

The transportation and logistics company, which has been posting losses for the past two quarters, reported a net income of $0.4 million, or 3 cents per share, for the quarter.

It had posted a profit of $4.6 million, or 34 cents a share, in the year-ago period.

Revenue fell 19 percent to $158.7 million, hurt by a $26.4 million charge for fluctuation in fuel surcharge and foreign exchange, the company said. Its logistics segment posted income from operations of $1.4 million for the quarter, compared with $0.8 million a year ago.

The Toronto-based company said income from its LTL segment fell to $1.2 million from $8.5 million reported a year ago, mainly due to the challenging transportation pricing environment in North America.

Analysts on average had expected Vitran to earn 3 cents per share before special items for the second quarter, on revenue of $158.1 million, according to Reuters Estimates.

Shares of Vitran closed at C$10.60 Wednesday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Gopakumar Warrier)

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