UTi’s profit down after accounting gain last year
UTi Worldwide Inc., a Rancho Dominguez, Calif.-based forwarding and logistics company, saw a drop in first half fiscal year 2008 net income to $45.8 million, compared to $53.8 million a year ago.
The first half of fiscal year 2007 included a positive impact of $13.7 million related to the accounting treatment of the company’s Grupo SLi acquisition-related earn-out payments.
Gross revenues in the first half period increased 19.6 percent to $1.99 billion with air and ocean freight forwarding gross revenue both up 12.8 percent to $732.3 million and $497.4 million respectively.
UTi’s profit down after accounting gain last year
