July 29, 2014 / 11:56 AM / in 3 years

UPS profit hit by retirement liabilities

July 29 (Reuters) - United Parcel Service Inc’s quarterly profit more than halved as the world’s biggest courier company took a charge related to retirement liabilities of some union employees.

The company’s net income fell to $454 million, or 49 cents per share, from $1.07 billion, or $1.13 per share, a year earlier.

Net income in the latest quarter included a charge of $665 million from post-retirement liabilities.

Total revenue rose 6 percent to $14.27 billion. (Reporting by Sweta Singh in Bangalore; Editing by Saumyadeb Chakrabarty)

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