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FINANCIAL NEWS
Agility’s profit plummets 52% in Q1
16 May 2010
(MENAFN) Kuwait’s logistics provider Agility said that it saw a 52.5 percent plunge in first-quarter net profit, Reuters reported.
The Gulf’s biggest logistics provider by market value said that its quarterly net profit $60.72 million, down from $127.36million of net profit posted in the corresponding period a year earlier.
Last month, Agility had been replaced as the main supplier to the US military in Kuwait and Iraq, following US authorities’ indictments for overcharging.
Agility had said it was in talks with the U.S. government to settle the fraud charges, but there was no guarantee that an agreement could be reached.
The logistics firm had been suspended from bidding on new contracts since November.
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