(Removes incorrect reference to $400 mln of UTi's debt coming
due in April)
March 31 Logistics company UTi Worldwide Inc
reported a bigger-than-expected quarterly loss, hurt by
weak demand for air freight as customers opt for slower, but
cheaper, modes of shipping.
Air freight volumes fell 0.4 percent in North America last
year, according to the International Air Transport Association
UTi Chief Executive Eric Kirchner said weak pricing weighed
on the company's results in "a lackluster global economy."
The company said there were no longer concerns about its
ability to continue operations as it raised about $725 million
to refinance debt.
Net loss attributable to UTi narrowed to $50.7 million, or
48 cents per share, in the quarter ended Jan. 31 from $142.8
million, or $1.38 per share, a year earlier.
UTi posted a loss of 15 cents per share, excluding items.
Revenue fell 2.1 percent to $1.08 billion.
Analysts on average had expected an adjusted loss of 11
cents per share on revenue of $1.09 billion, according to
Thomson Reuters I/B/E/S.
UTi's shares closed at $11.26 on the Nasdaq on Friday.
(Reporting by Ankit Ajmera in Bangalore; Editing by Kirti