Monday, Jul 04, 2011
BEIRUT (Zawya Dow Jones)--Kuwait's Agility, the logistics firm, needs a long time to return to the profitability levels it used to achieve during the time when it had contracts with the U.S. military, Kuwait-based Al Rai daily reports Monday citing an executive.
Over time, the company will offset the losses caused by the termination of its contracts with the U.S. Army, the paper reports, citing Tarek Al Sultan, chairman and managing director of Agility, which is in litigation with the U.S. military over alleged overpricing of supplies to the army.
Al Sultan said according to the daily that his company doesn't have any dealings with [U.A.E.-based firm] Anham, which has been awarded a contract to supply the U.S. Army.
The local Al Watan daily cites Al Sultan as saying that Agility doesn't intend to exit any of its investments under the current circumstances and that it is studying some new projects.
Newspaper website: http://www.alraimedia.com/Alrai/Article.aspx?id=285347&date=04072011
Newspaper website: http://alwatan.kuwait.tt/ArticleDetails.aspx?Id=122749&YearQuarter=20113
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
04-07-11 0431GMT
