Pacific CMA reports 3rd-quarter results
Pacific CMA Inc., the freight forwarding and supply chain logistics services firm, reported third quarter net income of $116,144, down from $387,398 for the year-earlier period, despite a 11.7-percent increase in revenue, to $19.6 million.
For the first nine months of 2003, net income was $211,964, down from $568,822., while revenue rose 62.8 percent to $50.5 million.
The New York-based company credited the revenue improvements to organic growth of its subsidiary AGI Logistics (HK) Ltd., and Airgate International Inc., which it acquired in April 2002. Airgate's revenue accounted for about 75 percent of Pacific's total revenue for the second quarter.
Airgate, founded in 1990 handles air and ocean shipments from the Far East and Southwest Asia to the United States. AGI, based in Hong Kong, focuses on integrated logistics, forwarding and warehouse services in the Far East region and mainland China.