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Rail News: Financials

2Q: Providence and Worcester registers net income and revenue increases

The Providence and Worcester Railroad Co. (PWRR) posted net income and operating revenue gains during second-quarter 2005.

Net income of $277,000 rose 34 percent to $207,000 and operating revenue increased 9.9 percent to $7.2 million compared with second-quarter 2005’s total. The 545-mile regional attributes the increases to traffic gains and rate increases such as fuel surcharges, according to a press release. However, rising fuel costs contributed significantly to the railroad’s higher second-quarter operating expenses, which totaled $7 million compared with second-quarter 2005’s $6.4 million.

During the year’s first half, PWRR posted net income of $25,000 compared with a net loss of $48,000 in 2005’s first six months. Operating revenue of $13.9 million increased $12.2 percent compared with first-half 2005’s $12.2 million, and operating expenses rose 12.4 percent to $14.2 million.

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