Air Transport World


FedEx reported a 44% drop in net income for its fiscal year ended May 31 to $1.13 billion from $2.02 billion the previous year. The result included a rare quarterly net loss in the fiscal fourth quarter of $241 million, reversed from net income of $610 million in the year-ago period. Fedex cited record high fuel prices and weakening demand. Revenue rose 8% to $38 billion but expenses increased 12% to $35 billion. …

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