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United States United States Second-quarter earnings at UPS drop 49 per cent
United States United States Second-quarter earnings at UPS drop 49 per cent
| Second-quarter earnings at UPS drop 49 per cent |
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| Written by Harpreet Verma |
| Thursday, 23 July 2009 18:35 |
 New York - United Parcel Service Inc on Thursday reported that its second-quarter earnings plunged by 49 per cent compared to a year earlier amid the ongoing recession.The Atlanta, Georgia-based company said its second-quarter net income fell to 445 million dollars. The world's largest package delivery company said its volumes dropped for a sixth consecutive quarter as businesses cut demand. "The economic environment continues to be difficult. Declines in both our domestic and international businesses appear to be stabilizing but volumes will remain significantly below last year's levels," said Kurt Kuehn, UPS' chief financial officer. "The business environment in the third quarter should be similar to the second quarter," Kuehn said. UPS CEO Scott Davis said, "The global economic environment pressured our performance, but UPS remains financially very strong ... we are a company that can weather this recession, positioning ourselves well to benefit when economic recovery occurs."(dpa) |