UPS saw its net profit fall 49 per cent in the second quarter, to US$445 million with the company saying it expects the weak global economy to remain just as weak in the coming months.

“The business environment in the third quarter should be similar to the second quarter,” UPS CFO Kurt Kuehn said. Overall revenue at UPS fell 16.7 per cent in the three months ending 30 June from the same period a year ago as volume across its domestic and international operations fell 4.7 per cent. But on a positive note, UPS also said its cash flow grew $195 million in the first half of 2009. “The global economic environment pressured our performance but UPS remains financially very strong,” said chairman and CEO Scott Davis.