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Sun 23 Mar 2008 10:51 AM

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Agility Q4 earnings nosedive

Kuwaiti logistics provider posts 10.5% fall in profit for quarter, with full-year net income of $576.4mn.

Kuwait's Agility, the Gulf's biggest logistics provider, posted a 10.5% fall in fourth-quarter profit.

Full-year net profit was 153.9 million Kuwaiti dinars ($576.4 million), the firm said in a statement on the bourse website, and newswire Reuters calculated fourth-quarter profit to be 34.9 million dinars based on previous financial statements.

It did not provide a reason for the profit fall.

Analysts at Global Investment House said in a Reuters survey in December they expected a fourth-quarter net profit of 49.80 million dinars.

Agility also said a planned 25% capital increase would be open to existing shareholders.

Shares would be sold at 450 fils each, well below Wednesday's closing price of 1.22 dinars, Agility said, without saying how much it wanted to raise.

The company is expanding abroad to lower exposure from US military deals in Iraq by making acquisitions and expanding to emerging markets.

Earnings per share fell to 161.86 fils last year after 176.84 fils in 2006, Agility said. There are 1,000 fils to the dinar.

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