Panama Canal net income rose to $3.45 billion in fiscal year despite drought

PANAMA CITY (Reuters) – The Panama Canal’s profit increased 9.5% in the fiscal year ended in September to $3.45 billion despite a severe drought that reduced the number of vessels that passed through the waterway, its authority said on Friday.

A 5% reduction in operational costs helped the canal to ease the effect of the drought over its finances. Revenue increased by $18 million to $4.99 billion, the authority added.