In the October – December quarter, UPS reported a net profit of $254 million compared to the$2,641 million net loss in the final quarter of 2007. The Q4, 2008 figure includes impairmentcharges of $548 million for UPS Freight and $27 million related to UPS UK, while the Q4, 2007figure included a $6.1 billion charge related to the withdrawal of UPS employees from the CentralStates Pension Plan. On an adjusted basis, excluding these charges, UPS' Q4, 2008 operating profit dropped 25.4%to $1,378 million, and net income was down 26.7% at $829 million. Group revenue declined 5.2% to$12,697 million while consolidated volumes declined by 3.7% to 1.04 billion packages. For the full year, UPS reported an operating profit of $5,382 million versus the previousyear's $578 million, and net income of $3,003 million compared to $382 million in 2007. On anadjusted basis, excluding the charges, UPS suffered a 15.1% drop in 2008 operating profits to$5,957 million, while net income declined by 18.1% to $3,578 million.