UTi Worldwide Reports Fourth-Quarter Loss

Air and ocean freight forwarder UTi Worldwide lost $89.8 million, or 89 cents per share, for its fiscal fourth quarter, compared with a profit of $18 million, or 18 cents per share, a year ago.

Revenue for the quarter ended Jan. 31 fell 26% to $894.1, the company said Thursday.

UTi Worldwide cited drops in freight and logistics volume and said it has taken steps since beginning of the quarter to cut costs, including a salary freeze and other expense reductions.

For the full year it lost $4.6 million, or 4 cents per share, compared with a profit of $98.7 million, or 99 cents, a year ago. Revenue rose 4% to $4.54 billion.

The company’s UTi Integrated Logistics division is ranked No. 24 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.