HALIFAX - Clarke Inc. (TSX:CK) says its first-quarter net income swung to a profit of $4.1 million from a year-earlier loss.
The Halifax-based trucking and investment company said Tuesday that net income attributable to equity holders amounted to 24 cents per share, an improvement from a year-earlier loss of $900,000 or five cents per share, including discontinued operations.
Revenue and other income increased to $61.1 million from $46.7 million.
During the most recent quarter, the company also booked $5 million of net realized and unrealized gains on shares, compared to a $1 million loss in the similar 2011 period.
Meanwhile, its investment portfolio declined by $10.4 million due to the sale of $15.4 million worth of some securities, slightly offset by the $5 million in gains.
The company's freight transportation segment, booked revenue of $42.4 million, up from $38.8 million a year-earlier as it benefited from increased efficiencies and greater revenue focus.
Revenue in its commercial tanks and home heating segment grew by $4 million, largely due to incremental sales from businesses acquired in 2011.
During the quarter, the company invested $9 million in Highkelly Drilling Ltd., a contract drilling company based in Calgary, and now owns 38 per cent of its common shares.
Halifax-based Clarke invests in a variety of private and publicly-traded businesses and participates actively where necessary to enhance performance and increase return.