GEOLOGISTICS NARROWS LOSSES

GEOLOGISTICS NARROWS LOSSES    GeoLogistics Corp. reported smaller losses for the quarter and six months ended June 30, partly because of the sale and restructuring of activities.
   The net loss for the latest quarter was $9 million, as compared to a net deficit of $12 million in the second quarter of 1999. Operating loss also decreased, to $3 million, from $7 million in the same period last year.
   Revenue decreased 6 percent to $373 million in the latest quarter, from $396 million.
   GeoLogistics said the activities of its Americas region posted a smaller operating loss after pulling out of the majority of its domestic U.S. business.
   For the six-month period ended June 30, GeoLogistics posted a net loss of $24 million, as compared to a deficit of $27 million in the year-earlier period. The operating loss narrowed to $13 million, from $14 million a year earlier.
   Revenue for the first half of the year was $731 million, down from $761 million.
   The decrease in revenue was due to the sale last year of GeoLogistics Air Services to FedEx Corp. and to the discontinuation of the majority of the company’s Americas domestic business.
   Excluding the GeoLogistics Air Services and discontinued Americas domestic business, revenue increased by 6.8 percent during the first six months of the year, GeoLogistics said.