Toronto — Chemtrade Logistic Income Fund’s acquisition of Marsulex Inc. in 2011 served to boost its revenues in the first quarter, but charges due to the deal lowered income. First-quarter net income was C$4.2 million ($0.10 per diluted unit) on revenues of $227.9 million, down from the year-ago $13.4 million ($0.41 per unit) on revenues of $169.6 million. Revenues also benefited from increased volumes and higher sulfuric acid prices. Earnings were impacted by higher levels of depreciation and amortization from the acquired assets, as well as a non-cash loss of $8.6 million from the appreciation of Chemtrade’s convertible unsecured subordinated debentures. Finance costs were also higher.
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