Despite a 19% increase in annual revenue, Vancouver-headquartered Teekay Corp. (NYSE:TK) reported a 31% drop in annual profit for the year ending December 31, 2007.
The oil and gas tanker giant's annual revenue rose to US$2.4 billion from US$2 billion in 2006. But net income fell to US$181.2 million from US$262.2 million.
According to Teekay, the decline was due to increased shipping and interest expenses. The former rose 80% to US$464.5 million from US$257.3 million in 2006; the latter increased to US$287.5 million from US$171.6 million.
Teekay's share price range during the past week: between US$44.76 and US$46.90; 52-week high: US$63.69; 52-week low: US$39.42.