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Yesterday, Providence and Worcester Railroad Co. (P&W) reported 2008 net income of $166,000 vs. a net loss of $652,000 in 2007. The regional earned diluted income per common share of three cents compared with a diluted loss per common share of 14 cents in ’07.

Operating revenue increased 13.7 percent to $29.7 million as conventional freight revenue totaling $4.6 million — driven by increased ethanol, automotive, coal and steel ingot traffic — helped offset a $1 million decrease in container revenue. In addition, P&W registered drops in construction aggregates, chemicals and building products carloads.

Annual operating expenses rose 9 percent to $30.5 million primarily because of diesel costs, which accounted for $1.5 million of the $2.6 million year-over-year increase in expenses.

The 545-mile P&W operates lines in Rhode Island, New York, Connecticut and Massachusetts, and operates two intermodal yards in Worcester, Mass.