October 22, 2008 / 12:07 PM / 10 years ago

UPDATE 1-Vitran profit clipped by economic slowdown

(In U.S. dollars unless noted)

TORONTO, Oct 22 (Reuters) - Canadian transportation company Vitran Corp VTN.TO said on Wednesday that the economic slowdown and significant industry pricing pressures hurt its third-quarter profit, offsetting record revenue.

Vitran said earnings fell to $2.1 million, or 15 cents a share, down from $3.1 million, or 23 cents, a year earlier.

Revenue for the quarter rose to $198.6 million, compared to $171.9 million, driven by strong showings by the company’s logistics unit and a 35 percent rise in its less-than-truckload (LTL) cross-border revenue.

The company said recently completed internal initiatives, including the launch of its hybrid U.S. LTL IT platform, the standardization of the U.S. LTL wage and benefit structure, and the openings of new cross-dock and retail supply chain facilities in Toronto, helped dampen the effects of the ongoing softness in the North American economy.

Vitran, based in Toronto, provides freight surface transportation and related logistics services in Canada and the United States. ($1=$1.24 Canadian) (Reporting by John McCrank, editing by Maureen Bavdek)

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