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Agility’s Q2 profits slump 52%

15 Aug 2010

(MENAFN) Agility, the Kuwait-based logistics firm formerly known as the Public Warehousing Co (PWC), posted a 52 percent fall in second-quarter net profit, Reuters reported.

Net profit in the three months to June 30 was $62.9 million, down from $133 million in the same period a year earlier, Agility said in a statement to the Kuwaiti Stock Exchange.

The firm was dropped from supplying food to the US Army in Iraq, Kuwait and Jordan after being accused of overcharging the military.

The company held contracts with the US military worth $8.5 billion spanning more than three years. Agility has said it is still negotiating a settlement with the US government, but it is not clear if it could lead to lifting the ban on bidding for any new contracts.

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