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Kuwait’s Agility posts 66% drop in Q3 income

14 Nov 2010

(MENAFN) Tarek Sultan, Chairman of Agility, a Kuwaiti logistics company, announced that the firm posted a 66 percent drop in July-September earnings, dropping to $49.5 million, Reuters reported.

The decline in earnings came after Agility was dropped from supplying food to the U.S. Army in Iraq, Jordan and Kuwait after being accused of overcharging, losing contracts worth $8.5 billion, spanning more than three years.

If convicted, the company would face a fine of twice the gains it realized or twice the loss to the US. However, Sultan insists that the agility’s legal position is very strong.

Trading in Agility’s shares has been halted since April, after it delayed the release of 2009 results pending clarity on negotiations with US authorities over fraud charges.

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