DUTCH forwarding giant CEVA posted a second quarter year-on-year 33 per cent decline in operating profit to US$40 million, drawn on revenues of $1.97 billion, a decrease of 4.2 per cent.
CEVA slipped into the red by $54 million this quarter, reported the UK's Transport Intelligence. Yet the company was upbeat about prospects pointing out that results improved compared to the previous quarter.
Quarterly contract logistics revenue fell 9.5 per cent with flat year-on-year profits of $57 million.
CEVA chief financial officer Rubin McDougal said this was the result of CEVA continuing to improve the quality of contracts and margins in this business.
Freight forwarding revenues fell 3.4 per cent with Mr McDougal saying that volumes had begun to climb after the first half had started with a tough rate situation.
Air freight volumes were up one per cent but this had accelerated in recent weeks. Similarly volumes were up seven per cent over last year and were continuing to recover through June.
CEVA has been busy re-ordering its finances, establishing new credit facilities and paying down debt. CEVA also faces anti-trust charges in court, but Mr McDougal said they were likely to be of limited importance.
LOGISTICS
08 August 2014 - 21:56
CEVA quarterly profit falls 33pc to US$40 million, revenue off 4.2pc
DUTCH forwarding giant CEVA posted a second quarter year-on-year 33 per cent decline in operating profit to US$40 million, drawn on revenues of $1.97 billion, a decrease of 4.2 per cent.
LOGISTICS
08 August 2014 - 21:56
CEVA quarterly profit falls 33pc to US$40 million, revenue off 4.2pc
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