UPS sees net profit halved in Q2 from last year
UPS saw its net profit fall 49 per cent in the second quarter, to US$445 million with the company saying it expects the weak global economy to remain just as weak in the coming months. Ã¢â‚¬Å“The business environment in the third quarter should be similar to the second quarter,Ã¢â‚¬Â UPS CFO Kurt Kuehn said. Overall […]
August 1, 2009
Ã¢â‚¬Å“The business environment in the third quarter should be similar to the second quarter,Ã¢â‚¬Â UPS CFO Kurt Kuehn said. Overall revenue at UPS fell 16.7 per cent in the three months ending 30 June from the same period a year ago as volume across its domestic and international operations fell 4.7 per cent. But on a positive note, UPS also said its cash flow grew $195 million in the first half of 2009. Ã¢â‚¬Å“The global economic environment pressured our performance but UPS remains financially very strong,Ã¢â‚¬Â said chairman and CEO Scott Davis.