May 17 2011 08:31 PM

Journal of Commerce--Agility, the Kuwait-based global logistics company, reported first quarter profit plunged 56 percent from a year ago because of costs incurred in restructuring its defense and government businesses.

The company, which lost large U.S. military contracts last year following allegations of overcharging, earned $28 million against $64 million in the first quarter of 2010.

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