Annual earnings increase for Algoma Central in Q3

 
Annual earnings for the Algoma Central Corp. have increased slightly in the third quarter of this year over 2008.

The corporation is reporting net earnings for the three months ended Sept. 30 of $20,620 compared to $18,523 for the same period in 2008.

The increase is due primarily to an increase in net foreign exchange gains on the translation of foreign denominated assets and liabilities. This increase was partially offset by lower operating earnings net of income tax in all the business units and an increase in financing costs due to higher borrowings and rates. With assets of approximately $706 million and revenue of approximately $689 million, the Algoma Central Corporation group employs about 1,600 and has its head office located in Sault Ste. Marie.