Printer Friendly

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.
COPYRIGHT 2008 Caribbean Update, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:CUBA
Publication:Caribbean Update
Article Type:Financial report
Date:Apr 1, 2008
Previous Article:Mexico to restructure debt.
Next Article:Gypsum imports on hit list.

Related Articles
Sherritt may sell its stakes in Cuban hotels, agribusiness.
Sherritt chairman Delaney: persistence has paid off in Cuba.
Sherritt signs J-V with Cuba to boost nickel output.
Sherritt: Cuba operations more profitable.
Sherritt profit edges higher.
Sherritt sells telecom stake.
Sherritt plans to expand.
Despite uncertainty, Sherritt plans expasions.
Mining co. profit soars.
Impact of Castro's departure.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters