Knutsford Express profit dips amid oil price spike

The cross-country bus company, Knutsford Express Services Ltd (KEX), said its first-quarter profit fell 19 per cent due to a double-digit rise in fuel costs. Net profit for the quarter ending August was $53.7 million, down from $66.4 million a year earlier. “This was primarily driven by a surge in fuel costs, which rose by more than 41 per cent compared to the corresponding period last year,” according to CEO Oliver Townsend and director Anthony Copeland in a note to shareholders posted last week on the Jamaica Stock Exchange (JSE).