CEVA 2018 profit slips 7.1pc to US$260 million but sales rise 5.2pc
SWISS based CEVA Logistics posted a 7
SWISS based CEVA Logistics posted a 7.1 per cent decline in 2018 operating profit to US$260 million, drawn on revenues US$7.3 billion, which increased 5.2 per cent.
Fourth quarter CEVA operating profit decreased 12.3 per cent year on year to $50 million, drawn on revenues of $1.9 billion, which increased 0.7 per cent.
'CEVA finished the year with sound commercial performance in 2018,' said CEVA Logistics CEO Xavier Urbain.
'Margins have been impacted by one-time costs, in particular Contract Logistics in Italy. Looking ahead, we are confident in our ability to meet our enhanced medium-term targets with the support of our strategic partner CMA CGM,' he said.
Mr Urbain said the organisation was on track to accelerate its transformation and turnaround action plan in the next three years.
CEVA experienced good volume growth in ocean, up 7.9 per cent year on year ahead of market. CEVA Freight Management operations have felt limited impact from the US-China trade tariffs discussion.
Air volumes decreased by 0.7 per cent year on year, mainly from the earlier loss of certain customers and a selective approach to new business.