Wednesday, May 16, 2012
BEIRUT (Zawya Dow Jones)--Kuwait-based provider of logistics services Agility said Wednesday its net profit fell 8.1% to 7.1 million Kuwaiti dinars ($25.35 million) in the first quarter of 2012 from KWD7.7 million a year earlier.
The company's first-quarter report posted on the Dubai bourse website showed that the main reason for the profit decline was that in the first quarter of 2011 the company booked a gain of KWD7.91 million on the disposal of a subsidiary. First-quarter total net revenue edged down by 2.1% on the year to about KWD87 million.
Agility, which is embroiled in litigations with the United States over alleged overpricing of supplies to the U.S. forces, said in its report that it is in talks with the U.S. government to reach a fair settlement for the legal cases filed against it. "However, there is no guarantee that the parties can reach a mutually agreeable settlement," it added.
The company is listed on the Kuwait and Dubai bourses.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
16-05-12 0728GMT
