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Canadian customs broker and logistics firm Livingston International Income Fund posted a loss of C$17.3 million in the first quarter of 2009, or 64 cents per unit, compared with a profit of C$8.2 million, or 30 cents, the year before.

President Peter Luit said that tirst-quarter results are “disappointing,” but that the fund expected a weak quarter.

“Given the seasonality of our business and the challenging economic environment, we did not anticipate the extent of the slowdown,” Luit said in a statement Tuesday.

Livingston said revenue in the quarter fell 26% to C$59.4 million.

Livingson is ranked No. 48 on the Transport Topics Logistics 50 listing of North American logistics companies.