News / Tough times for UTi, as US operator reports $4m loss in a 'disappointing' Q2

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US freight forwarder and contract logistics provider UTi Worldwide reported a second-quarter loss last week following depressed air and sea freight rates, falling volumes of contract logistics work and adverse currency fluctuations.

Chief executive Eric Kirchner admitted business conditions were tough as the company reported a net loss of $4.4m for the quarter, compared with an $18.9m profit in the same period last year, while revenues declined 5% from $1.18bn to $1.12bn.

“Our second-quarter results were disappointing. The industry faced a generally lacklustre ...