Business Notebook

Chapin residents to meet about area growth Jan. 31

Chapin-area residents and business owners are being asked to express their opinions about growth in northern Lexington County community. The survey is being taken by the Greater Chapin Chamber of Commerce through Jan. 31. Go to www.chapinchamber.com to take part or drop by the chamber office at 302 Columbia Ave. to fill out a copy. Results will be released at a community planning session March 8.

State sees rise in port cargo; earnings fall short

CHARLESTON The State Ports Authority reported increases in container and non-container cargo in 2011 compared to 2010, but financial results for the first half of the current fiscal year have been below projections. In the 2011 calendar year, the SPA this week said it saw a sharp increase in non-containerized cargo, such as automobiles and heavy equipment, at its Charleston and Georgetown ports — up nearly 55 percent over the prior year. Containerized cargo, which is the bulk of the maritime agency’s business, was up just slightly. In the last six months of 2011, which represents the first half of the SPA’s fiscal year, non-container cargo continued to show gains. But container volume slipped, falling below prior-year levels and 6.6 percent below projections. Add it up, and SPA operating revenues for the first half of the fiscal year were better than in the comparable year-ago period, but were $2.7 million below budget expectations. Earnings were more than 31 percent below budget, due to higher expenses related to gate operations.

Aviation repair company opens Upstate facility, creating 20 jobs

Southern Air Repair Corp., an aviation component repair provider, said Thursday it has established its new production facility and headquarters in Greenville County. The $750,000 investment is expected to generate 20 new jobs. Originally founded in West Palm Beach in 1997, the company provides precision machining and welding repairs to accessory component piece parts for major airlines and regional carriers and is a certified FAA Part 145 Repair Station. The company is looking for machinist technicians, quality support positions, shipping and office support roles. Submit resumes to hr@southernairrepair.com

Slimmed-down Bank of America swings profit

NEW YORK Bank of America is back to basics – slimmed down, stripped of its swagger and no longer the biggest bank in the country. And investors, after pummeling the company for two years, finally like what they see. The stock soared 4 percent Thursday after Bank of America reported that it made $2 billion from October through December, reversing a $1.2 billion loss from a year earlier. The stock is up 27 percent this year. Almost none of the profit came from improvements in Bank of America’s basic businesses. In fact, it lost money in the fourth quarter in real estate and investment banking.

Tim Flach and The Associated Press contributed.