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FINANCIAL NEWS
Kuwaiti Agility posts 8.1% drop in Q1 profit
16 May 2012
(MENAFN) Kuwaiti Agility announced that profit fell 8.1 percent during the first quarter to USD25.44 million from USD27.56 million in 2011’s same period, reported Reuters.
The logistics company attributed the drop to a 2.2 percent rise in revenue costs, which reached USD840.58 million during the period.
It added that total revenue for the 3-month period that ended March 31 grew to USD1.15 billion, compared with USD1.14 billion a year earlier.
It is worth noting that Agility, which is accused of defrauding the US government over multi-billion-dollar supply deals, was the US Army’s largest supplier in the Middle East during the war in Iraq.
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