KUWAIT's big forwarder, Agility, has posted a first quarter year-on-year eight per cent net profit decline to KWD7.1 million (US$25.4 million), drawn on revenues of KWD321.8 million, down one per cent.

But the company said that after a one off adjustment, EBITDA grew 41 per cent from KWD10.9 million to KWD15.4 million during the period.

"2011 was the first year that we began reporting our numbers excluding defence and government contracts. Relative to this baseline, 2012 has started off on the right track," said Agility chairman and managing director Tarek Sultan.

"We are pushing forward with the initiatives already started last year. We have worked hard to restructure the business in the last two years, and as a result, we are today a strong and stable company - more streamlined, efficient and competitive. Although we still have work ahead to complete the turnaround in our commercial business, I am confident that we are focusing on the right priorities," he said.