Business Briefly
Published 9:00 pm Tuesday, December 9, 2003
Columbia Falls Aluminum Co., one of the Port of Everett’s major tenants, has asked for a three-month delay before it commits to another five-year lease of port facilities. The Montana company imports alumina ore to Everett, then ships it to its plant by rail. The contract provides work for six people year-round and another 30 or more when ore shipments arrive. Columbia Falls hasn’t sent an ore shipment to Everett in a year, and port commissioners were told Tuesday the company wants to get a better understanding of the aluminum market before it decides on the lease. The extension was granted Tuesday.
The state ferry Hyak will be arriving at the Port of Everett soon to undergo repairs. A second ferry is expected to arrive for repair work in February, port commissioners were told Tuesday.
Costco Wholesale Corp. on Tuesday posted a 9.9 percent rise in profit for its latest quarter, as revenue surged. The Issaquah-based warehouse club chain earned $160.2 million, or 34 cents a share, for its fiscal first quarter ended Nov. 23, compared with $145.7 million, or 31 cents a share, a year earlier. The latest earnings topped the mean estimate of 31 cents a share by analysts surveyed by Thomson First Call.
The Dow Jones industrials broke through the 10,000 barrier for all of one minute Tuesday, reaching a significant milestone in Wall Street’s remarkable recovery from the bear market before retreating on profit-taking. It was the first time since May 31, 2002, that the Dow had been above 10,000 and marked a solid comeback from the five-year low of 7,286.27 on Oct. 9, 2002.
Qatar Airways has decided to buy four Airbus aircraft for $3 billion, including options to purchase another 10 planes, its chairman said Tuesday. Qatar Airways’ Akbar al-Baker signed the deal Tuesday with Airbus CEO Noel Forgeard at the Dubai Air Show. The deal is a blow to rival Boeing, which has been hurt by bad publicity over ethical scandals and the resignation of its chief executive this month. Al-Baker said Qatar Airways chose Airbus over Boeing because the European manufacturer was “more suitable for our route structure and route profitability.” Qatar Airway will buy two A340-600 jets and two A380s – the giant superjumbo that is due to take its first flight in 2005, al-Baker told reporters.
Herald staff and wire reports
