UTi shows healthy rise in profits

UTi Worldwide reported a 47 per cent increase in profit for the first quarter though revenue for the same period decreased 4.2 per cent to US$1.15 billion from $1.2 billion in the same period a year earlier, primarily due to low air freight volumes.


UTi shows healthy rise in profits


UTi Worldwide reported a 47 per cent increase in profit for the first
quarter though revenue for the same period decreased 4.2 per cent to US$1.15 billion from $1.2 billion in the same period a year earlier, primarily due to low air freight volumes. On an organic basis (excluding currency), UTi’s net revenues actually grew 3.4 per cent in the first quarter of fiscal 2013. First quarter net income was $12.9 million against $8.74 million a year earlier. Eric Kirchner, chief executive officer of UTi Worldwide said 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”.