On March 28, 2008, the supply chain services, logistics and freight forwarding company UTi Worldwide, which is registered in the BVI, reported its fiscal results for the fourth quarter of the year 2008; the reported net income for this period was $18 million, or $0.18 per share, compared to $22.5 million, or $0.22 per share for the same period in 2007.
The gross revenues increased 24%, from $951.3 million in the Q4 2007 to $1.18 billion for the fourth quarter of 2008. Net revenues of the BVI corporation, in their turn, increased 22% – to $402.8 million from $330.8 million in the fourth quarter of 2007.
Operating income of UTi Worldwide for Q4 2008 was $27.6 million, – 6,8% of net revenues. The adjusted operating income in the Q4 2008 was $36 million – that was 8.9% of net revenues.
Gross revenues increased 22%, from $3.6 billion in fiscal year 2007 to $4.4 billion for the fiscal year 2008. The net revenues increased 22%, from $1.2 billion to $1.5 billion, and net income was $98.7 million, or $0.99 per share, – compared to $103.5 million, or $1.04 per share in the previous fiscal year.
Roger MacFarlane, CEO of the BVI-registered corporation, commented that the year was finished with more than $4 billion in gross revenues, for the first time in the company’s history, as the company has continued to add new clients and expand existing client relationships.