Thursday, March 22, 2012
UTi Worldwide Q4 profit dropped
The Long Beach, Calif.-based global logistics firm UTi Worldwide Inc. posted fourth quarter net earnings of $12.4 million, down from $14.5 million for the same period a year ago.
"Volumes in freight forwarding were weak in our fourth quarter, particularly in the month of January, due to a soft market and the timing of Chinese New Year," CEO Eric Kirchner said in a statement.
UTi’s revenue was virtually unchanged at $1.15 billion as the company’s revenue from its airfreight sector declined approximately 1 percent to $389.6 million.
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