UTi shows a rise in profits

Despite low air freight tonnage, the logistics major made up with increased ocean volumes

47 per cent increase Eric Kirchner profit Q1 income revenue down UTi Worldwide

UTi Worldwide reported a 47 per cent increase in profit for the first quarter though revenue for the same period went down 4.2 per cent to US$1.15 billion from $1.2 billion in the year-ago period, primarily due to low tonnages of airfreight. Q1 net income was $12.9 million against $8.7 million a year ago. Eric Kirchner, chief executive officer of UTi Worldwide said that the “results in the first quarter were impacted by the weak industry-wide airfreight environment which resulted in reduced tonnage in the quarter, particularly in the month of April. Offsetting this was an expansion in net revenue per unit, as well as an increase in ocean volumes compared to the first quarter of last year”.