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AGL Resources reports Q1 2012 net income of $130 million

AGL Resources Inc (NYSE: GAS) today reported first quarter net income of $130 million, or $1.12 per basic share ($1.11 per diluted share), according to Reuters. AGL Resources owns Tropical Shipping, one of the largest containerized cargo carriers serving The Bahamas and Caribbean region. 

Tuesday, May 1, 2012
Tuesday, May 1, 2012

ATLANTA (Reuters) May 1, 2012 — AGL Resources Inc. (NYSE: GAS) today reported first quarter net income of $130 million, or $1.12 per basic share ($1.11 per diluted share), compared to net income of $124 million, or $1.60 per basic share ($1.59 per diluted share), reported for the same period last year. Excluding the 2012 effect of $0.05 per share, and the 2011 effect of $0.04 per share, related to merger expenses, adjusted EPS for the first quarter of 2012 was $1.16 per diluted share and $1.63 per diluted share for the first quarter of 2011.

“The unprecedented weather conditions during the first quarter of the year clearly impacted our earnings, particularly at Nicor Gas and our retail operations in Georgia. However, weather normalization programs and decoupling at our other major utilities helped to stabilize our performance. While our wholesale business also experienced negative impacts from warmer than normal weather, our transportation positions were well-hedged and our storage positions look strong, with seasonal spreads improving.” said John W. Somerhalder II, AGL Resources Chairman, President and Chief Executive Officer. “The Nicor integration remains on track and staffing across the organization is largely complete. As always, we continue to focus on maintaining our track record of safe, efficient operations.”

This is an excerpt from Reuters as it appeared on May 1, 2012. For updates or to read the current version of this post in its entirety, please click here.

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Chevron, through its local affiliates, yesterday announced that it has concluded the sale of its fuels marketing and aviation businesses in The Bahamas, Cayman Islands and Turks & Caicos to Vitogaz, SA, a wholly-owned subsidiary of RUBIS.

According to preliminary statistics released by the Bahamas Hotel Association and The Bahamas Ministry of Tourism, the 14-major New Providence hotels recorded an 84.3 per cent occupancy rate for March 2012, compared to 80.1 per cent in March 2011.

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