Aramex third quarter net profit rises 12%

Dubai-listed logistics company falls slightly short of analysts expectations
Aramex third quarter net profit rises 12%
Fadi Ghandour, founder and CEO of Aramex. (ITP Images)
By Reuters
Mon 25 Oct 2010 04:12 PM

Dubai-listed logistics company Aramex said third-quarter net profit rose 12 percent to 46.7 million dirham ($12.72 million), falling slightly short of analysts expectations.

The firm, which competes with global giants such as Fedex and DHL, saw net revenue rise 12 percent to 545 million dirhams ($148.4 million) compared with 488 million dirhams in the corresponding period of 2009, it said in a statement on Monday.

Four analysts polled by Reuters on average forecast net profit of 48 million dirhams for the period.

Aramex said it will continue to focus on its strategy of expansion into Africa, South Asia and Commonwealth of Independent States, and has recently acquired a majority stake of its franchisee operations in Bangladesh.

Aramex shares closed up 0.9 percent on the Dubai bourse Monday prior to release of results. (Reuters)

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