EAST PROVIDENCE – For the year ended Dec. 31, Capital Properties Inc.’s profit declined 20.7 percent to $1.319 million, according to the company’s report late yesterday. Its net income fell 20 percent to 40 cents per common share.
Total income fell 10.4 percent to $5.789 million from the year-ago $6.463 million. But excluding a one-time gain in 2005 of $1.157 million, from the sale of a parking garage and a billboard permit, total income rose 9.1 percent from 2005’s $5.306 million.
Revenue from the company’s petroleum-storage segment rose 25 percent to $3.187 million, an increase the company credited to two new storage tanks: a 175,000-barrel tank that came into use in August and a 152,000-barrel tank in use since December 2005.
Capital Properties Inc. (Amex: CPI) and its subsidiaries operate in two segments: leasing, both of commercial real estate in downtown Providence and of outdoor advertising sites along highways in Rhode Island and Massachusetts; and petroleum storage, at the Capital facility in East Providence.
