UTis efforts offset dip in market

UTi Worldwide Inc has reported financial growth in both revenues and operating income for its fiscal 2009 third quarter ended 31 October, 2008. Roger MacFarlane, chief executive officer put the growth down to the company’s recent cost-reduction plan and ongoing efforts to improve its operating performance.

“Our airfreight-forwarding volumes turned negative for the first time in many years. While part of that was market related, the majority resulted from steps we took to eliminate low-yielding business. Yields expanded, offsetting the volume decline and demonstrating the flexibility of our forwarding model.”

Freight forwarding revenues (including customs brokerage) in the fiscal 2009 third quarter grew four per cent, while net revenues grew 15 per cent compared to the same period last year. Revenue growth was impacted by the deceleration in freight volumes, which was more than offset by improving yields. Airfreight volumes declined 14 per cent in the fiscal 2009 third quarter compared to the same period last year, primarily due to the elimination of low-yielding business and to a lesser extent to overall market conditions.

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