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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.
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Title Annotation:CUBA
Publication:Caribbean Update
Article Type:Financial report
Date:Apr 1, 2008
Words:117
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