Fritz parent reports positive results

THE RESULTS from UPS for the 3rd quarter report a gain in revenue and continued growth in international volume.
This despite the tragedy of September 11 which the company report said "interrupted what had been a solid performance for the period".
For the three months ended September 30, revenues totalled US$7.5-billion - up 1.5% compared to the same period a year earlier - but consolidated operating profits declined 17.4% to US$943-million.
For the first nine months of the year, revenues climbed 3.1% to US$22.6-bn - but operating profit fell 13.1% to US$2.9-bn.
Operating income included a US$37-m credit for losses during September - which UPS hopes will be reimbursed under the Airline Stabilisation Act.
The newest member of the UPS group is international freight forwarder, Fritz Companies, which was established in SA in 1994 and now has a local network of own offices in Johannesburg, Durban, Port Elizabeth and Cape Town.