UPS, the Atlanta-base shipping firm, had net income of $630 million during the second quarter of 2001, down 8.3% from the $695 million seen in second quarter 2000.
The drop in income came as the company's revenue rose 3.9%, from $7.28 billion to $7.57 billion, during the same period. The quarter ended June 30.
During the quarter domestic package revenue rose 1.5%, from $5.89 billion to $5.98 billion, while package volume fell from 12.1 billion parcels to 11.98 billion shipped. But operating profit from domestic shipping dropped 5.7%, from $1.02 billion to $966 million.
UPS shipped nearly 6% more international packages during the quarter than it did a year ago, with volume jumping from 1.11 billion packages to 1.17 billion. International package revenue increase 4.2%, from just over $1 billion to just under $1.1 billion, but operating profit in this segment fell nearly 68%, from $74 million to $24 million.
The company attributed the drop in international income to shortfalls in cargo revenue, unfavorable currency exchange rates, unanticipated short-term aircraft lease costs and a drop in Asian parcel shipping volume.
