DHL forwarding sees quarterly air cargo, revenues profits soar
GERMANY's Deutsche Post DHL Global Forwarding has increased first quarter year-on-year air cargo gross profit 27 per cent to EUR287 million (US$349 million), drawn on revenues of EUR1
11 May 2021 - 19:00
'We had the best opening quarter ever and were able to unleash our full strength as a group,' said Deutsche Post DHL chief executive Frank Appel, reported London's Air Cargo News.
'All five of our divisions are on track for growth and are ideally positioned to benefit from the continuing boom in ecommerce and the resurgence in global trade,' he said.
The forwarder, which could this year lose its status as the air freight market leader due to Kuehne+Nagel's plans to acquire Apex, saw first-quarter air cargo volumes increase by 18.2 per cent to 494,000 tonnes.
The company said that revenues were up mainly because of increased demand from Asia and the US.
It should also be noted that the industry began to feel the effects of the Covid outbreak on volumes in the first quarter of last year, which will have had an impact on comparisons.
In comparison, Kuehne+Nagel saw first-quarter air volumes increase 16 per cent year on year and DSV Panalpina registered a 6.6 per cent decline as it discontinued some Panalpina business following the two companies' integration.
The overall DHL forwarding and freight division saw revenues for the period increase by 32.7 per cent year on year to EUR3.6 billion and earnings before interest and tax were up to EUR216 million from EUR74 million last year.
Said Mr Appel: 'We expect further growth in the coming quarters, even with growth rates normalising over time. We are therefore stepping up investments in our infrastructure to be able to continue to optimally serve higher shipment volumes.'
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