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Panama Canal’s net income rose to $3.45 billion in fiscal year despite drought

10/25/2024

Less than a minute

2024.10.25 15:43

© Reuters. FILE PHOTO: Cargo vessels transit through the Panama Canal heading the Atlantic Ocean near the Agua Clara locks, in Colon, on the outskirts of Panama City, Panama May 3, 2024. REUTERS/Daniel Becerril/File Photo

PANAMA CITY (Reuters) – The Panama Canal’s profit increased 9.5% in the fiscal year ended in September to $3.45 billion despite a severe drought that reduced the number of vessels that passed through the waterway, its authority said on Friday.

A 5% reduction in operational costs helped the canal to ease the effect of the drought over its finances. Revenue increased by $18 million to $4.99 billion, the authority added.

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10/25/2024

Less than a minute