AgilityÃ¢â‚¬™s first quarter profit plummets
Kuwait-based global logistics company, Agility has reported a drop in first quarter net profit by 52 per cent from a year ago to KD17.5 million (US$60.1 million) and warned future earnings will suffer from the loss of US military contracts in the wake of fraud charges. Revenues during the period fell 14.4 per cent to […]
June 1, 2010
Agility, which has been accused of over-charging the US military during nearly a two-year period under contracts to supply US$8.5 billion of food to American troops in the Middle East, said 2010 will be a Ã¢â‚¬Å“year of transition,Ã¢â‚¬Â as the military contracts historically contributed 25-35 per cent of AgilityÃ¢â‚¬™s annual revenue. Agility said it will accelerate plans to grow its Global Integrated Logistics business which has grown in importance since the uncertainty over its US government contracts.