Agility announces 19% fall in Q3 net profit
Agility has announced its financial results for the third quarter of 2011, reporting a net profit of KD8.05m on revenue of KD329.78m.
Revenue and net profit fell by 19% and 42%, respectively, from the same period last year mainly as a result of lost defense and government business. Agility’s commercial logistics business has also been impacted by volatility in the market and a softening of volumes in Q3 of this year.
Revenue for Agility Global Integrated Logistics (GIL) in the third quarter of 2011 was KD297m. Despite uncertainty in world markets and the corresponding impact on trade volumes, Agility’s investments in emerging markets continue to be an important contributor to company revenue.
Agility’s Infrastructure companies contributed KD38.86m to Q3 revenue. Revenue grew 2% from Q3 in 2010, excluding government-related business. Agility’s Real Estate business remains the main contributor to the Infrastructure companies‘ revenues, but other entities within this group have also shown healthy growth in the past several years. Agility anticipates that actions taken this year to leverage the potential of these companies will result in even stronger future growth.
"Overall, we are making steady progress in 2011. We are continuing to grow our commercial business, remain committed to curtailing costs to meet the needs of the current business environment, and are increasing efficiencies in how we operate," said Tarek Sultan, Chairman and Managing Director of Agility.
"That said, all signs point to challenging conditions in the global economy as we move towards 2012. Global growth forecasts are trending downwards and we are already seeing the impact in our commercial business. We will thus continue to exercise discipline in our cost structure and cash management, as we simultaneously move forward with our growth and transformation strategy," Sultan added.
Quelle: eyefortransport
Portal: www.logistik-express.com
