Unique Logistics International Reports Profit For Q3, But Revenue Falls

(RTTNews) - Unique Logistics International, Inc. (UNQL), a logistics and freight forwarding firm, on Thursday reported a turnaround to profit for the third-quarter, amidst a decline in expenses and an income credit.

However, the company posted a decline in revenue, following a substantial decline in shipping market and prices.

Sunandan Ray, CEO of UNQL, said: "Third quarter reflects market slowdown due to seasonal factors as well as excess inventory following the post-Covid build up. Nevertheless, we were able to focus on improved gross margin yields and deliver year to date Net Income of $7.3 million."

For the three-month period, the company recorded a net income available to common shareholders of $663,173, compared with a loss of $9.49 million, recorded for the same period of 2022.

Pre-tax income was at $150,907, versus a loss of $4.702 million of last year.

Income tax credit stood at $814,080, compared with an expense of $228,207 of previous year period.

Total costs and operating expenses moved down to $49.296 million from $248.182 million of 2022.

Income from operations fell to $330,929 from previous year's $2.253 million of same period last year.

Adjusted EBITDA moved down to $534,319 from previous year's $2.509 million.

Revenues were at $49.627 million, compared with $250.435 million a year ago.