UTi Worlwide improved its net profit 22 percent in the fiscal second quarter ending July 31 to $22.9 million as improving yield on shipments helped offset what the logistics company called a “slowing freight environment.”
Overall revenue grew 13 percent over the same quarter a year ago to just under $1.3 billion against a 17 percent gain in net revenue, which reached $379.1 million.
Long Beach, Calif.-based UTi said that gain was mostly the result of currency fluctuations, but net revenue — overall revenue minus direct transportation costs — grew 8.4 percent without the impact of currency shifts.
UTi CEO Eric W. Kirchner said the contract logistics operator saw “greater net revenue per unit of cargo in freight forwarding and increased activity in contract logistics and distribution.”
Ocean freight volume improved in the second quarter over last year, Kirchner said, but air freight volume fell “compared to very high levels last year.”