Burlington Air Express Says Competition Cut Profits 27%
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IRVINE — Air-cargo shipper Burlington Air Express said competition is cutting into its operating profit, which was down almost 27% in the third quarter.
At the same time, operating revenue continued to grow, rising 12% from the same period last year to $234.3 million from $209.9 million. Operating profit fell from $8.1 million to $5.9 million.
David L. Marshall, Burlington’s chairman and chief executive officer, said international shipping business was better than domestic during the quarter. The company’s international revenue grew by 29% compared to the same period last year, he said, while its U.S. revenue was down 3%.
Burlington is a subsidiary of Pittston Co. in Stamford, Conn. Pittston released operating results but not net figures for Burlington.
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