FedEx earned 88% less during last fiscal period
According to the data of the last fiscal year, which ended on May 31, the multinational just obtained 540 million dollars net
The US logistics and logistics company FedEx obtained a net profit of 540 million dollars at the end of its last fiscal year, which ended on May 31, which represents a fall of 88.2% compared to the result of the previous year. It was reported by the multinational, which has warned of the negative impact on its activity of the weakness of international trade.
“Our fiscal year 2020 is being negatively affected by the persistent weakness of global trade and industrial production”, said Alan B. Graf, executive vice president and chief financial officer of FedEx. He added that the company is adjusting its costs to mitigate weakness of income and market changes, although it will continue to invest in expanding its capabilities and improving its efficiency.
FedEx revenues for the year as a whole reached 69,693 million dollars, 6.5% more than a year before, including a 3% increase in the invoicing of the Express business, to 37,331 million dollars and 12% in the area of land transport, up to 20,522 million dollars.
In the fourth quarter, the company recorded losses of 1,969 million dollars, compared to the gains of 1,127 million dollars in the same period of the previous year, while its revenues increased by 2.8% to 17,807 million dollars.
FedEx accounts were negatively affected by accounting adjustments in the company’s retirement plan, while the multinational warned that the integration of TNT Express will involve costs of 1,700 million dollars until 2021, of which about 350 million of dollars will be accounted for in the current year.
K. Tovar
Source: La Vanguardia
