UTi Worldwide posts loss as demand for air freight weakens

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UTi Worldwide has announced its fourth quarter results – and blamed the $50m loss on weak air freight demand. It has recently completed a $725m refinancing, which, it said, has strengthened its balance sheet. CEO Eric Kirchner said: “Results in the fiscal 2014 fourth quarter continued to reflect a lacklustre global economy and difficult operating conditions. While we experienced increased activity in both business segments during the fourth quarter, pricing pressure continued to weigh on margins.”