By The Canadian Press

MONTREAL - Cargo handling company Logistec Corp. (TSX:LGT.B) said Wednesday its third-quarter profit fell 27 per cent compared with a year earlier, while revenue dropped 15 per cent due to lower international trade.

The Montreal-based company said it earned $4.1 million or 62 cents per share in the third quarter compared with $5.4 million or 81 cents per share a year earlier.

Revenue was $59.9 million compared with $71.4 million in the third quarter of 2008.

Logistec said the decline is attributable to a 26.7 per cent decrease in revenue from its marine services segment, which was partially offset by a 29.2 per cent increase in revenue from the environmental services segment.

"The global recession has had a devastating effect on international trade, resulting in a sharp decline in cargo volumes handled in North American ports," stated Logistec president and CEO Madeleine Paquin.

"This has led us to continue our cost reduction program as well as curtailment of capital investments, particularly in terminals severely impacted by reduced volumes."

Logistec is primarily a diversified cargo handling company at various ports in Eastern Canada and the United States, but it also provides environmental services such as PCB management, site remediation and watermain repairs.

Shares in Logistec gained 14 cents to $13 in Wednesday trading on the Toronto Stock Exchange.