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FINANCIAL NEWS
Kuwait’s Agility reports USD12.6m profit in Q4
01 Apr 2012
(MENAFN) Kuwait’s-based logistics company Agility reported a 114 percent increase in quarterly profits from a year earlier, Reuters reported.
The company said it made a USD12.6 million net profit in the fourth quarter 2011, up from USD85.2 loss a year earlier.
Agility also reported a 5 percent drop in revenue to USD132 billion for the quarter, due to the loss of government contracting business. Agility’s full year profit rose 8 percent to USD97.05 million.
Agility, which was the largest supplier to the US Army in the Middle East during the war in Iraq, pleaded not guilty in August to charges it defrauded the US government over multi-billion-dollar supply contracts.
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