DSV's air freight volumes rose in the first half of the year by one per cent, but fell by two per cent in the second quarter of the year, due to the market environment as well as the termination of a high-volume, low-margin customer contract
DSV's air freight volumes rose in the first half of the year by one per cent, but fell by two per cent in the second quarter of the year, due to the market environment as well as the termination of a high-volume, low-margin customer contract. Ongoing political uncertainty over the trade tariffs between US and China, combined with a deceleration in global investment, negatively impacted global trade volumes by an estimated four per cent in the second quarter of 2019, London's Air Cargo News reported.
Overall, the entire DSV Group achieved a profit after tax of DKK2.112 billion (US$313.42 million) for the first six months of 2019, compared with DKK1.956 billion for the same period last year.
Group CEO Jens Bjorn Andersen said in a company statement: 'We are very pleased with the strong results for the second quarter of 2019. Global transport markets are soft - especially within airfreight, but DSV has managed to outgrow the market while still delivering market-leading profitability.
'We expect that the Panalpina transaction will close in Q3 and we look forward to combining two strong companies and leveraging our extensive networks and expertise to provide even stronger customer offerings.'
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