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Agility Posts Profit in Fourth-Quarter While Revenue Declines

March 31 (Bloomberg) -- Agility Public Warehousing Co., the Kuwaiti storage and logistics company, reported a fourth-quarter profit of 3.5 million Kuwaiti dinars ($12.6 million), while sales dropped.

Agility’s profit was 3.45 fils a share, compared with a loss of 24.5 fils in the year-ago fourth quarter, according an e-mailed statement from the company.

Revenue in the period fell 4.5 percent to 352 million dinars from 368.6 million, mostly because of the loss of government contracting business, the company said. Full-year profit increased 8 percent.

“Having undergone some heavy lifting in terms of restructuring over the last two years, the company anticipates solid gains in 2012 and beyond,,” Chairman Tarek Sultan Al-Essa said in the statement.

The European Union fined two of Agility’s units 4.96 million euros ($6.62 million) this week for breaking laws on competition in the freight-forwarding market, according to a March 29 company statement to the Kuwaiti bourse.

Agility asked a U.S. judge on Feb. 21 to dismiss charges that it defrauded the U.S. government on a multibillion-dollar contract to feed troops overseas, saying prosecutors have no proof.

To contact the reporter on this story: Nayla Razzouk in Dubai at nrazzouk2@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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