Source: The Canadian Press

Investment firm Clarke Inc. (TSX:CKI) says it earned $3 million in the first quarter, reversing a year-earlier loss amid improving equity markets.

The Halifax-based company said Friday its profit amounted to 12 cents per share compared to a net loss of $10.1 million or 38 cents per share a year earlier. The year-ago loss included a $12.9-million pre-tax impairment charge on its investment portfolio amid declining equity markets.

Revenue was $51.4 million, up from $46.5 million in the same period of 2009.

Clarke said the first quarter saw a “slight” improvement in the operating environment for its freight transportation segment, adding that efficiencies established last year are beginning to take effect. The segment generated net income of $500,000 in the period, compared to a loss of $1.4 million a year ago.

The investment segment saw income decrease to $7.4 million from $12.5 million in the first quarter of 2009 due to fewer trust distributions and inter-company dividends.

And the steel tanks segment earned $200,000 compared to $300,000 a year earlier.

Clarke’s operating subsidiaries include Clarke Transport, Clarke Road Transport, Clarke IT Solutions, CIS Shipping International and Granby Industries.