UTi Worldwide Reports Decline In Q2 Profit
Published:03-September-2009
By Staff Reporter
Results in the quarter continued to be impacted by weak economic and industry conditions
Logistics provider UTi Worldwide has reported a fall in its net profit for its fiscal 2010 second quarter.
The company's revenues decreased 33% to $840.5m from $1,255.1m. Net revenues (revenues minus purchased transportation costs) decreased 18% to $339.4m from $416m.
Operating income decreased 49% to $22.4m from $43.6m. Income from continuing operations attributable to UTi Worldwide was $11.8m, compared to $28.5m.
Eric Kirchner, CEO of UTi Worldwide, said: "While I am not satisfied with the quarter's results, we are on track with our sales initiatives and transformation efforts, and they are expected to drive improvement in the future. Results in the quarter continued to be impacted by weak economic and industry conditions. But the pace of volume declines moderated throughout the quarter, primarily due to seasonal factors."
UTi Worldwide is a non-asset-based supply chain services and solutions company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services.
