News / UTi Worldwide reports $34m loss in Q3 as freight rates and revenue take a tumble

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US 3PL UTi Worldwide yesterday announced a quarterly loss, as revenues decreased 6.6% on the back of falling freight rates and restricting costs.

Its third-quarter revenues were $1.08bn compared with $1.15bn in the same period last year, while net revenue – after purchased transport costs – was $381m, down 3.1% from $393.5m.

Management said that on a constant currency basis, revenues were down 4.3% and net revenue up 0.1%, while its net loss considerably widened from the third quarter last year, rising ...