UTi’s net income down 6.6%
Uti Worldwide Inc., the Rancho Dominguez, Calif.-based forwarding and logistics company, reported net income of $16.6 million for the first quarter of its 2007 fiscal year ended April 30, down 6.6 percent compared to $17.8 million a year ago.
UTi’s operating income for the most recent quarter was up 0.9 percent to $27.2 million from $26.9 million.
Gross revenues increased 22.8 percent to $773.7 million with air freight forwarding gross revenue up 10.5 percent to $307.6 million. Gross revenue from ocean freight forwarding jumped 10.7 percent to $206.5 million.