Burlington Air Express Says Competition Cut Profits 27%

Air-cargo shipper Burlington Air Express said competition is cutting into its operating profit, which was down almost 27% in the third quarter.

At the same time, operating revenue continued to grow, rising 12% from the same period last year to $234.3 million from $209.9 million. Operating profit fell from $8.1 million to $5.9 million.

David L. Marshall, Burlington’s chairman and chief executive officer, said international shipping business was better than domestic during the quarter. The company’s international revenue grew by 29% compared to the same period last year, he said, while its U.S. revenue was down 3%.

Burlington is a subsidiary of Pittston Co. in Stamford, Conn. Pittston released operating results but not net figures for Burlington.