UTI Worldwide’s Fiscal First-Quarter Profit Drops

ir and ocean freight forwarder UTi Worldwide’s fiscal 2007 first-quarter profit fell to $16.6 million or 17 cents a share, from $17.8 million or 18 cents a year ago.

The decline for the quarter ended April 30 was due in part to the high fuel costs and weakening airfreight demand, the company said in a statement.

Revenue rose 23% to $773.7 million.

UTi Worldwide — incorporated in the British Virgin Islands with operating headquarters in Rancho Dominguez, Calif. — is ranked No. 29 on the Transport Topics Logistics 50 listing of U.S. and Canadian logistics companies.