Janel reports higher earnings
Janel World Trade Ltd., a New-York-based logistics company, reported higher third quarter earnings despite what it said was a weak market.
The company, based in the Jamaica section of Queens, said it had net profit of $140,490 in the three months ending June 30 compared to $100,146 in the same 2006 period. Revenues were lower, however, $18.9 million in the quarter compared to $19.5 million in the same 2006 period.
“Softness in the global logistics industry and, in particular, softer retail imports into the United States as a result of a generally weaker U.S. dollar, have continued to negatively impact revenue comparisons during the first nine months of fiscal 2007,” said James N. Jannello, Janel’s chief executive officer.
“While fiscal 2007 has been a challenging year for Janel due to a generally weak logistics market, we continue to move forward with the implementation of strategic initiatives,” he added. These include “reviewing the profitability of various customer accounts with a view towards eliminating those accounts that are only marginally profitable.”
The company also has plans to open additional branch offices in the United States and Southeast Asia, explore acquisitions of privately held transportation-related firms, and take a variety of other steps to increase revenues and diversify.
Janel reports higher earnings
