UTi profits up 20%
Rancho Dominguez, Calif.-based forwarding and logistics company Uti Worldwide Inc., reported net income of $22.3 million for the fourth quarter of its 2006 fiscal year ended Jan. 31, up 20 percent compared to $18.6 million a year ago.
UTi’s operating income for the most recent quarter increased 18 percent to $31.2 million from $26.5 million. Gross revenues increased 16 percent to $728.2 million. Revenue from air freight forwarding rose 13.6 percent to $312.2 million. Revenue from ocean freight forwarding jumped 12.8 percent to $217 million.
Net revenues for the latest quarter rose 18 percent to $253.7 million.
For the full fiscal year ended Jan. 31, net income increased 30.9 percent to $88.4 million from $67.5 million a year earlier. Operating income rose 38.4 percent to $132.1 million and gross revenues rose 23.3 percent to $2.8 billion from $2.3 billion for the prior-year period. Net revenues totaled $966.4 million, up 24.9 percent over the $773.8 million posted in the previous fiscal year.
In a separate development, Alan C. Draper, UTi’s executive vice president and president of its Asia Pacific region, will retire from the company effective June 30. Upon his retirement, Draper will commence an ongoing consulting relationship with UTi, focusing on supporting the company’s operations in the Asia Pacific region.