Damco 2012 re-organising costs cut into profit as revenue rises 18.8pc
MAERSK's forwarding arm, Damco, has post a seven per cent increase in 2012 gross profit increase of seven per cent to US$807 million year on year drawn on revenues $3.2 billion, up 18.8 per cent.
But earnings before interest, taxes, depreciation, and amortisation (EBITDA) were down four per cent to $93 million year on year for the company which was hit by worsening market conditions, global headquarters relocation from Copenhagen, Denmark and The Hague, Netherlands, and restructuring costs of its European operations.
Damco's global ocean and air freight volume increased with ocean up six per cent to 797,700 TEU and air tonnage up 95 per cent to 210,600 tonnes year on year. This was due in part to Damco's acquisition of China-based freight forwarder NTS.
"I am satisfied about our solid results for 2012," said Damco CEO Rolf Habben-Jansen.
The logistics arm of Maersk experienced a return to growth in its supply chain management volumes by five per cent after declines in 2011.
MAERSK's forwarding arm, Damco, has post a seven per cent increase in 2012 gross profit increase of seven per cent to US$807 million year on year drawn on revenues $3.2 billion, up 18.8 per cent.
But earnings before interest, taxes, depreciation, and amortisation (EBITDA) were down four per cent to $93 million year on year for the company which was hit by worsening market conditions, global headquarters relocation from Copenhagen, Denmark and The Hague, Netherlands, and restructuring costs of its European operations.
Damco's global ocean and air freight volume increased with ocean up six per cent to 797,700 TEU and air tonnage up 95 per cent to 210,600 tonnes year on year. This was due in part to Damco's acquisition of China-based freight forwarder NTS.
"I am satisfied about our solid results for 2012," said Damco CEO Rolf Habben-Jansen.
The logistics arm of Maersk experienced a return to growth in its supply chain management volumes by five per cent after declines in 2011.