Agility reports quarterly profit of $28.7 million

Kuwait logistics firm delivers profit despite loss of US contract.
Agility chairman and managing director, Tarek Sultan, says the decision to streamline the business is paying off
Agility chairman and managing director, Tarek Sultan, says the decision to streamline the business is paying off

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Agility has announced financial results for the second quarter of 2011, reporting a net profit of US$28.7 million.

Revenue and net profit fell 23 per cent and 57 per cent respectively from the same period in 2010 as the result of lost defense and government business.

Commercial logistics revenue (Global Integrated Logistics excluding U.S. government contracts) showed a 2 per cent year-over-year gain and experienced its second consecutive quarter of growth.

Our efforts to align our cost structure with the current business environment, streamline the organisation and refocus on commercial logistics are paying off," said Tarek Sultan, Agility's chairman and managing director.

"We made hard choices last year and established a new financial baseline to start 2011. Our commercial logistics gains, combined with our drive to boost return on assets, manage cash conservatively and squeeze out additional cost are moving the company beyond lost government business into a new growth era," he added.

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