UTi’s airfreight slump
01 / 09 / 2011
FREIGHT forwarder UTi Worldwide’s airfreight volumes fell in the fiscal second quarter against high volumes in the year-ago period.
Despite this, company revenues were US$1.297 billion, an increase of 13 per cent, helped by strong ocean freight business.
“Net revenues in the second quarter were higher primarily due to currency effects, greater net revenue per unit of cargo in freight forwarding and increased activity in contract logistics and distribution,” Eric Kirchner, UTi chief executive officer, said.