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Expeditors profit falls 6.6pc to US$109 million as sales rise 13.4pc
SEATTLE forwarding giant Expeditors International net profit in the second quarter declined 6.6 per cent year on year to US$109 million, drawn on revenues of $1.67 billion, which increased 13.4 per cent.
Air freight volumes jumped nine per cent while ocean container volumes rose four per cent year on year.
Expenses increased faster than revenue, resulting in net sales that were only 1.9 per cent more in the second quarter coming in at $564 million.
"Global demand for air and ocean capacity continues to be stronger than we have seen in the past few years, which has led to a scarcity of favourable pricing," said Expeditors president and CEO Jeffrey Musser.
Air freight volumes jumped nine per cent while ocean container volumes rose four per cent year on year.
Expenses increased faster than revenue, resulting in net sales that were only 1.9 per cent more in the second quarter coming in at $564 million.
"Global demand for air and ocean capacity continues to be stronger than we have seen in the past few years, which has led to a scarcity of favourable pricing," said Expeditors president and CEO Jeffrey Musser.
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