GEOLOGISTICS AMERICAS RETURNS TO THE BLACK
GeoLogistics said that its Americas region has returned to the black, with a $2-million profit for the four months ending Dec. 31, 2000.
The logistics and forwarding company said that the result was ahead of plan.
For the year 2000, the company reported a favorable profit swing of more than $20 million for its U.S.-based forwarding operations, when compared to 1999. Revenues for the Americas increased by 18 percent, to $376 million last year.
GeoLogistics no longer discloses its full financial results, following a decision to stop filing its results with the U.S. Securities and Exchange Commission.
“Throughout last year, we focused most of our resources on airfreight because of more attractive yields” said Malcolm Heath, chief executive officer for the Americas at GeoLogistics. “We also put in place a new and experienced management and sales team which focuses on cost control and revenue growth,” he added.
Last August, GeoLogistics reported a net deficit of $24 million for the six-month period ended June 30, as compared to a deficit of $27 million in the corresponding period of 1999. The half-year operating loss for the same period narrowed to $13 million, from $14 million a year earlier. Revenue for the first half of the year was $731 million, down from $761 million.
Having discontinued its U.S. domestic forwarding activities in 1999, GeoLogistics said that it is not considering re-entering the U.S. domestic market.