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Flat Profits for Canadian C-Store Operator

ALBERTA, Canada -- The Parkland Income Fund reported flat profits in the first quarter but sharply higher revenues, reported the Canadian Press.

The Alberta-based gasoline retailer and convenience store operator, which operates retail and wholesale fuels and convenience store businesses under its marketing brands Fas Gas, RT Fuels and Short Stop Food Stores and transports fuel through its Petrohaul division, earned $824,000 or 7 cents a share for the three months ended March 31. That compared with a profit of $824,000 or 7 cents a share the previous year. Revenues rose to $177.1 million from $141.3 million.

"Parkland's results in the first quarter were in line with expectations and we look forward to generating improved cash flow in the seasonally stronger second and third quarters," said president and CEO Andrew Wiswell.

"We continue to be encouraged by increasing contributions from convenience store merchandise sales and non-fuel revenues along with the ongoing success of the Fas Gas Plus site improvement initiative."

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