Providence-based Capital Properties Inc.’s leasing income continues to decline, but the company still managed to eke out a $154,000 profit for the third quarter of 2004, and it says it has netted $1.399 million for the first nine months of the year.
Net revenues for the third quarter of 2003 were $960,000, but only because of a $1.7-million settlement with the city of Providence for several property-tax disputes.
Capital Properties operates a petroleum storage facility and leases sites in downtown Providence for commercial development as well as advertising locations along Rhode Island and Massachusetts highways.
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Third-quarter 2004 leasing revenues were $729,000, down 18 percent from the same period last year. But the decline was more than offset by lower property taxes, which helped save the company $321,000 in leasing expenses for the quarter.
Revenue from petroleum storage facilities was up $7,000 from 2003, mostly due to a scheduled annual fee increase. Expenses for petroleum storage dropped $146,000, mostly due to a decrease in repair and maintenance costs.
