For the quarter ended June 30, 2002, revenue totaled $7.68 billion, up 2.5% from the $7.49 billion for the prior year. Consolidated operating profit declined 1.2% to $1.03 billion. Net income declined to $611 million compared to the prior year’s $630 million, and earnings per diluted share dropped 1.8% to $0.54 versus $0.55 recorded during the period in 2001.
Read MoreUnited Parcel Service will be replacing one of its daily 747-200 freighter flights between Hong Kong and the U.S. with an MD-11, beginning July 21.
While the MD-11 is a smaller aircraft, UPS says it will be able to get a higher payload because the MD-11 is a more efficient aircraft. It can fly direct from Hong Kong to Anchorage, avoiding a refueling stop in South Korea.
Spokesman Mark Giuffre said the MD-11, one of three now in the UPS fleet, will have a payload of about 155,000 pounds, compared to 115,000 pounds on the 747 if it were to fly non-stop from Hong Kong to Anchorage. From Anchorage, the aircraft will fly to UPS’s main hub in Louisville. Return flights will stop in Anchorage and Incheon before landing in Hong Kong.
Another increase in the rates charged by the U.S. Postal Service took effect June 30 with little, if any, outrage by the general public.
Even heavy mailers like catalog companies were rather quiet. Maybe it’s because most Americans believe that even with this latest rate increase, the work the Postal Service does is still a bargain.
Then again, what good would protest have done? The Postal Service is, after all, a regulated monopoly, albeit one facing increased competition, particularly from the Internet.
10 July 2002 P&O Nedlloyd Logistics has acquired the combined entities of “Gilbert East”, “Gilbert West”, and >”Gilbert Air Cargo”. from “The Gilbert >Companies”
Read MoreUnited Parcel Service has laid off thousands of Teamsters as customers divert shipments to other carriers ahead of a possible strike at the end of the month, a UPS official said Wednesday. “Our customers are very anxious and very concerned,” said Chris Mahoney, senior vice president for global transportation and labor relations. “The closer we get [to the July 31 contract deadline] the more customers are going to divert to non-union carriers.”
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