07:28 AM EDT, 05/05/2025 (MT Newswires) -- Westshore Terminals Investment ( WTSHF ) over the weekend reported lower profit in the first quarter as a result of lower revenues and higher operating and administrative costs.

The company also said Chief Executive William Stinson will retire. He will be replaced by Glenn Dudar, current vice president and general manager of Westshore LP.

The company said profit decreased to $11.5 million or $0.19 per share in the three-months ended March 31, compared with $15.2 million or $0.24 per share, a year earlier. Revenue for the quarter fell to $82.8 million compared with $84.8 million, a year-ago.

Tonnage shipped in Q1 was 5.9 million tonnes compared with 6 million tonnes in the prior-year period. It said that volumes fell 1.9% for the quarter as a result of adverse weather that impacted its operations and logistics chain as well as weaker thermal coal prices and demand.

Dallas Ross will become the chair of the board and will resign as chief financial officer of the company. The board will appoint Angela Morfitt, current director of finance and corporate services of Westshore LP, as CFO. The company added that Dudar and Morfitt will continue their current duties with Westshore LP.

Westshore Terminals also declared a dividend of $0.375 per share, unchanged from the prior quarter, to be paid on or before July 15, to shareholders of record on June 30.

Shares of the company closed up 0.4% to $25.59 on Friday on the Toronto Stock Exchange.