, , ) said it swung to a fourth-quarter net profit of $8.3 million, or 15 cents a share, from a loss of $4.1 million, or 8 cents a share a year earlier. Revenue for the period rose 87.8% to $86.2 million due largely to work it did for the U.S. Postal Service over the Christmas period as well as the acquisition of Air Container Transport. Kitty Hawk said it is cautious in its outlook for 2007 due to the seasonality of its business and the softness in demand the industry experienced through the later part of 2006, which has continued into the first quarter. The firm said that achieving its 2007 targets will depend on its ability to improve the performance of its air and ground products as well as the trends in fuel prices. Kitty Hawk added it expects capital expenditure for the year to be around $2 million. ICBC 2006 net profit up 31% on fee growth, interest income (5:20 AM ET) HONG KOING (MarketWatch) -- Industrial and Commercial Bank of China Ltd reported Tuesday net profit rose 31% in 2006, bolstered by higher interest income, growth in fee-based businesses and expansion of its retail banking business. The Beijing-headquartered bank reported net income of 49.26 billion yuan ($6.37 billion) for the year, up from 37.56 billion yuan a year earlier. The results announcement is the first since the bank simultaneously listed on the Hong Kong and Shanghai stock exchanges in October 17th. The bank proposed a final dividend of 0.016 yuan a share for 2006, up from 0.014 yuan a share in the previousyear. ICBC's Hong Kong-listed shares ended unchanged ahead of the results announcement.The bank also reported deposits rose by 10.7% to 614.56 billion yuan, while its loan book grew 10.4% to 341.62 billion yuan. Resolution profit jumps after acquiring Abbey life unit (2:41 AM ET) LONDON (MarketWatch) -- U.K. life assurance group Resolution Plc (uk:UK:RSL: news, chart,profile)said Tuesday that its 2006 net profit jumped to 494.2 million pounds ($969.4 million) from 154.9 million pounds. Net premiums written were 1.48 billion pounds, from 394.4 million pounds in 2005. Growth was largely due to the acquisition of Abbey's life business as well as a strong performance across all the group's existing divisions. Resolution said the internal rate of return on the Abbey business was improved to 18%, ahead of its original target of 16%. The European Embedded Value of the group increased to 4.2 billion pounds from 2.14 billion pounds. Resolution said it will raise its 2006 dividend by 15% to 19.92 pence a share and also proposed a further 38% rise in dividend to 27.50 pence a share in 2007.
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