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Clarke reports sale of trucking business boosts Q1 profit up from year ago

HALIFAX - Clarke Inc. (TSX:CKI) said Monday it earned $73 million in its latest quarter, boosted by the sale of its trucking and freight logistics businesses.

The investment firm said the profit amounted to $3.03 per diluted share in the quarter ended March 31, up from $3.1 million or 19 cents per diluted share a year ago.

Clarke said the sale of the trucking and freight logistics businesses added $66.4 million to the quarter, while it also had $9 million in realized and unrealized gains on marketable securities and $4.7 million from the sale of its stake in Gestion Jerico Inc.

The company holds a 5.4 per cent stake in Sherritt International Corp. (TSX:D) and is leading a fight for three seats on the mining company's board of directors and the replacement of CEO David Pathe.

In addition to the board representation, Clarke is also seeking changes to Sherritt's bylaws to require unanimous board support for any major acquisition and on how both Sherritt directors and executives are paid.

Sherritt's annual meeting will be held Tuesday.

The investment in Sherritt represents about 41 per cent of Clarke's portfolio of public companies.

Clarke's other public company investments include Supremex Inc., TerraVest Capital Inc., Royal Host Inc. and SpyGlass Resources Corp.

The company also owns a passenger ferry in Quebec, a container ship in the Caribbean and other private investments.

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