UPS fails to deliver profit growth

American delivery company UPS posted a smaller quarterly profit yesterday as customers, especially on international routes, chose slower, cheaper shipping services. For the quarter, UPS earned $1.07bn (£697m), compared with $1.12bn a year before. Total revenue increased 1.2 per cent to $13.51bn. Export shipments rose five per cent, but because customers used cheaper delivery options, revenue fell 3.4 per cent.