Janel World Trade Narrows Loss

Janel World Trade Narrows Loss

Logistics company Janel World Trade reported a net loss of $201,286 in the first quarter of fiscal year 2013, ending Dec. 31, 2012, improving from a net loss of $246,912 in the same quarter in fiscal year 2012.

Quarterly revenue was $21.9 million, falling $1.5 million or 6.4 percent from the first quarter of the previous year.

“We are disappointed with our results for the quarter ending Dec. 31, 2012,” said James N. Jannello, executive vice president and CEO, in a written statement. “Revenue for the quarter was down when compared to last year, mainly due to lower ocean and air shipping activity. Although we cannot quantify the effects, we believe that ocean shipping activity in the quarter was negatively impacted by Hurricane Sandy and the threatened port strikes by the International Longshoremen’s Association on the entire East and Gulf Coast.”