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.