UTi Worldwide returns to profitability
American transport and logistics group UTi Worldwide was well in shape in the fiscal year 2010 With cost reductions at the amount of USD 50 million and reinforced sales efforts, the North American transport and logistics group UTi Worldwide achieved the turnaround in the fiscal year 2010 (31 January 2010). Despite decreases in turnover the balance sheet of the enterprise shows an operating profit before taxes of USD 83 million (2009: USD 23.3 million). Net profit amounted to USD 41.11 million after minus USD 4.64 million in the financial year 2009. Regarding the development of sales revenues UTi Worldwide felt the impact of the global financial and economic crisis. With USD 3.567 billion the figure of the previous year was missed by 21.5 per cent. The turnover of the air freight segment decreased by 22 per cent to USD 1.187 billion; in the sea freight segment it declined by 26 per cent to USD 891 million. The segments customs and distribution recorded significant losses as well. The business volume of the contract logistics segment however, remained on a stable level. Quelle: LogEastics |