Agility Q2 operating income down
Dubai, August 16, 2008
Kuwaiti logistics firm Agility, which posted a 9-per cent decline in second-quarter net profit, said on Saturday operating income in the three-month period fell almost 7 per cent as the firm spent more on expansion.
Agility, the Gulf Arab region’s biggest logistics provider by market value, said on Thursday second-quarter net profit declined to KD35.1 million ($130.8 million), but did not give a breakdown of the earnings.
Earnings per share of KD33.80 compared with KD36.85 a year earlier, Agility said in a statement on Saturday.
The operating profit in the quarter fell to Kd40.72 million from KD43.6 million, Agility added, without giving details of costs.
The second-quarter performance was ’in line’ with Agility’s expectations, group chief financial officer Ehab Aziz said in the statement.
’Our integration and optimisation plan, following a period of massive and exponential growth, is progressing very well,’ he said.
The second-quarter net revenues advanced 8.9 per cent to KD163.06 million, said Agility, which is expanding into new markets to reduce its reliance on US Army deals.
Agility bought 71 per cent of Denmark’s CF GeoLogistics in the second quarter, raising its stake in the firm to 100 per cent. It also completed acquisitions of Kenya-based Star Freight Logistics and France’s Medgroup, it said.-Reuters