UTi’s 1st quarter net income dips

UTi’s 1st quarter net income dips UTi Worldwide Inc., the California-based forwarding and logistics company, reported net income of $18.1 million for its 2008 fiscal year first quarter ended April 30, down 6.2 percent compared to $19.3 million a year ago.
   UTi’s operating income for the most recent quarter was up 4.8 percent to $31.4 million, from $30 million.
   Gross revenues increased 22.1 percent to $944.7 million, compared to $773.7 million in the comparable fiscal quarter last year. Gross air freight forwarding revenue increased 11.9 percent to $344.1 million while gross revenue from ocean freight forwarding improved 12.5 percent to $232.3 million.
   “Our first quarter financial results were right on plan and we remain pleased with the consistent levels of organic revenue growth being delivered by UTi’s team worldwide,” said Roger I. MacFarlane, UTi’s chief executive officer.