UTi Worldwide Reports Increased 4Q Profit

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ir and ocean freight forwarder UTi Worldwide Inc. reported net income of $189.6 million or 58 cents a share for its fiscal year 2005 fourth-quarter ended Jan. 31, compared with $12.2 million or 38 cents the previous year.

The company’s airfreight forwarding net revenue rose 28% for the quarter and its ocean forwarding was up 30%, Chief Executive Officer Roger MacFarlane said in a statement.

UTi said its earnings were enhanced by several fourth-quarter acquisitions earlier last year. Its net revenue for the quarter grew 32% to $215.3 million.

For the full fiscal year, UTi reported earnings of $67.5 million or $2.12 a share, compared with $44.8 million or $1.42 a year earlier. For the year its net revenue rose 30% to $773.8 million.

UTi, which also provides warehousing and logistics services, is incorporated in the British Virgin Islands with operating headquarters in Rancho Dominguez, Calif.

It is ranked No. 29 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.