US logistics firm FedEx on Thursday reported net income of 393 million dollars for the third quarter of fiscal 2007-2008, a 6-per-cent drop from the 420 million dollars earned in the same period the previous year, according to dpa. "FedEx faces a challenging economic environment that includes persistently high oil prices, sluggish US growth and continued concerns in the credit markets," said FedEx chairman and CEO Frederick W Smith. The worsening profits came as revenues were up by 10 per cent, from 8.59 billion dollars in the previous year to 9.44 billion. Operating income for the three-month period ending February 29 remained unchanged from same quarter a year before, FedEx said. For the current fourth quarter, the company said it was expecting profits of 1.60 to 1.80 dollars per share, &#= 12PY.cmntless than in fourth quarter last year. Market analysts had previous expected higher profits. The results of logistics firms such as FedEx and market leader UPS are considered important indicators for the entire US economy.
