Loss Recorded by Company for Past Year Report of the board of directors of the International Mercantile Marine Ca. to the stockholders for the year ended December 31, 1936, shows that net operating results for the company end its subsidiaries before providing for losses on ships sold during the year and depreciation was a loss of $121, 632.91, as compared with a profit of $25,945.42 for the year 1935. Result of operations of the Panama Pacific Line was substantially less in 1936 than it would have been under normal operating conditions.
During the year maritime labour disturbances caused considerable additional expense to the line and necessitated the cancellation of four round voyages in this service and in addition two voyages were cancelled in December which would have terminated in 1937.
The consolidated profit and loss statement for the year 1936 shows a loss of $2261,973, as compared with a loss for the year 1935 of $1,370,824. The reduction of $891,149 in the result. shown by the consolidated profit and loss statement from the result shown for the year 1935 is accounted for largely by the losses sustained in 1936 from the sale of vessels, which zméunted to $1,179,682, compared, to a loss of $139,901 from the sale of vessels in 1935.
Text read from the printed page and cleaned; old type leaves the occasional error.