Sherritt profit rises.
Sherritt International Corp., which produces oil and gas off
Cuba's coast, said fourth- quarter profit increased 6.2% as oil
prices rose, reports Bloomberg (March 7, 2008). Net income rose to
C$83.5 million (US$84.6 million) from C$78.6 million a year earlier,
said Toronto-based Sherritt. The gain helped the company overcome
falling profit in its metals unit as nickel prices slid. Sherritt mines
and processes nickel in a joint venture with the government and produces
oil and gas off the island's coast. The company also provides power
to Cuba and is working on a 150-megawatt expansion at its Boca de Jaruco power plant, taking its total capacity in Cuba to 526 megawatts.