A SUBSIDIARY of German rail operator Deutsche Bahn that focuses on logistics db Schenker saw its revenues and operating profits rapidly increase in the first half of the year despite a decline in volumes, reports London's Air Cargo News.
The company, which was the strongest performing division in the Deutsche Bahn (DB) Group, reported a 35.8 per cent year-on-year increase in total sales to EUR14.2 billion (US$14.5 billion) in the first half and earnings before interest and tax (ebit) improved by 91.3 per cent to EUR1.2 billion.
These improvements came despite the forwarder registering a 5.4 per cent drop off in first-half airfreight volumes to 673,300 tonnes and a decline of 3.4 per cent in ocean freight volumes to 966,200 TEU.
The company said that the volume declines were down to supply chain disruption, covid restrictions in Asia and the war in Ukraine.
Also, 2022 did not benefit from the post-Covid bounceback that affected the market in 2021.
Revenues and profits benefited from higher freight rates and exchange rate effects.
The results of DB Schenker helped propel the overall DB Group back to profit for the first time since the outbreak of Covid.
DB closed out the first half of 2022 with adjusted ebit of EUR876 million. Group revenues increased by 28.4 per cent to roughly EUR28 billion.
Chief financial officer Levin Holle said: 'The first half of 2022 was Schenker's most successful half-year in its 150-year history as a logistics company. DB Schenker played a major role in bolstering the DB's favourable performance overall.'
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The company, which was the strongest performing division in the Deutsche Bahn (DB) Group, reported a 35.8 per cent year-on-year increase in total sales to EUR14.2 billion (US$14.5 billion) in the first half and earnings before interest and tax (ebit) improved by 91.3 per cent to EUR1.2 billion.
These improvements came despite the forwarder registering a 5.4 per cent drop off in first-half airfreight volumes to 673,300 tonnes and a decline of 3.4 per cent in ocean freight volumes to 966,200 TEU.
The company said that the volume declines were down to supply chain disruption, covid restrictions in Asia and the war in Ukraine.
Also, 2022 did not benefit from the post-Covid bounceback that affected the market in 2021.
Revenues and profits benefited from higher freight rates and exchange rate effects.
The results of DB Schenker helped propel the overall DB Group back to profit for the first time since the outbreak of Covid.
DB closed out the first half of 2022 with adjusted ebit of EUR876 million. Group revenues increased by 28.4 per cent to roughly EUR28 billion.
Chief financial officer Levin Holle said: 'The first half of 2022 was Schenker's most successful half-year in its 150-year history as a logistics company. DB Schenker played a major role in bolstering the DB's favourable performance overall.'
SeaNews Turkey
