FedEx profit falls 31 percent on air freight weakness

FedEx Corp reported a 31 percent drop in quarterly profit due to restructuring costs and weakness in its air freight express business.

The No. 2 U.S. package-delivery company said net income fell to $361 million, or $1.13 per share, in the third quarter, from $521 million, or $1.65 per share, a year earlier.

(Reporting by A. Ananthalakshmi in Bangalore; Editing by Saumyadeb Chakrabarty)