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EARNINGS

Tiger International Posts Loss; Air-Cargo Unit Cited

July 19, 1985|BILL SING

Hurt by losses in its air-cargo subsidiary, Tiger International reported a second-quarter loss of $10.2 million, compared to a profit of $694,000 in the year-ago quarter.

The Los Angeles-based transportation firm said the year-ago period included losses from discontinued operations of $1.7 million. Without that, profit in the 1984 quarter totaled $2.4 million. There was no effect from discontinued operations in the 1985 quarter.

Revenue fell 5% to $279.2 million from $293.6 million a year ago.

Tiger's air-cargo unit, Flying Tiger Line, had a pretax loss of $4.8 million in the quarter, compared to pretax income of $4.9 million a year ago. The unit's revenue fell 5%.

Tiger Chairman Wayne M. Hoffman said strong gains in transatlantic, Latin American, charter and military revenue at Flying Tiger Line was offset by a 20% drop in transpacific revenue.

"Most of the transpacific shortfall was in U.S.-bound traffic from Taiwan, Korea and Japan and was caused by high U.S. inventory levels and a weakening U.S. economy," Hoffman said.

Tiger's other major unit, Warren Transport, a trucking firm, reported pretax income of $1.02 million, virtually unchanged from income of $1.01 million in the year-earlier period.

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