Logistics firm recorded net income of US$25.4m in three months to March 31
Kuwait's Agility, the logistics firm facing US fraud charges, reported an 8.1 percent drop in first-quarter profit as costs rose faster than revenue.
The firm made a profit of KWD7.1m (US$25.44m) in the three months to March 31, down from 7.7m dinars in the prior-year period, it said in a bourse statement on Wednesday.
Total revenue for the quarter was KWD321.8m, up from KWD318.5m in the corresponding quarter of 2011, but this gain was outweighed by an increase in revenue costs, which rose 2.2 percent to 234.8 million dinars over the same period.
Agility, which was the largest supplier to the US Army in the Middle East during the war in Iraq, pleaded not guilty in August to charges it defrauded the US government over multi-billion-dollar supply contracts.
The company is barred from bidding for new US government contracts pending the outcome of the cases.For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.