ONLINE booking and rate firm freightos saw revenues and profits improve in the first quarter of the year on the back of a record number of online bookings, reports London's Air Cargo News.
Freightos, which owns air cargo booking cargo WebCargo, recorded an 11 per cent year-on-year improvement in first-quarter revenues to US$5.3 million, its operating loss for the period narrowed to $5.5 million from $58 million last year and net loss improved to $4.6 million against $49.3 million a year earlier.
The increase in revenues comes as the number of transactions completed on its portals increased 29 per cent year on year to 295,600 and the gross booking value improved by 14 per cent due to rising freight rates as a result of the Red Sea crisis and subsequent modal shift to air.
Meanwhile, profits improved as last year the company incurred a one-time non-cash share listing charge of $46.7 million due to the business combination with Gesher I Acquisition Corp.
Zvi Schreiber, chief executive of Freightos, said: 'We are pleased with the strong first quarter of the year, which highlights the robustness and growing acceptance of our platform, and the strides we are making in digitalizing international freight, bringing efficiency and transparency to this crucial sector.
'We pursued several initiatives to increase not only the number but also the value of the transactions, including investing in Asia and an emphasis on high-value shipments such as pharma.
'Looking ahead, we remain focused on the opportunities in the massive air and ocean freight markets, driving continued growth and innovation in the quarters to come.'
Freightos said the number of carriers selling on the platform, primarily on WebCargo, increased to 49 for the first quarter of 2024.
Among the recent carrier additions are Virgin Atlantic Cargo and Delta Cargo.
SeaNews Turkey
Freightos, which owns air cargo booking cargo WebCargo, recorded an 11 per cent year-on-year improvement in first-quarter revenues to US$5.3 million, its operating loss for the period narrowed to $5.5 million from $58 million last year and net loss improved to $4.6 million against $49.3 million a year earlier.
The increase in revenues comes as the number of transactions completed on its portals increased 29 per cent year on year to 295,600 and the gross booking value improved by 14 per cent due to rising freight rates as a result of the Red Sea crisis and subsequent modal shift to air.
Meanwhile, profits improved as last year the company incurred a one-time non-cash share listing charge of $46.7 million due to the business combination with Gesher I Acquisition Corp.
Zvi Schreiber, chief executive of Freightos, said: 'We are pleased with the strong first quarter of the year, which highlights the robustness and growing acceptance of our platform, and the strides we are making in digitalizing international freight, bringing efficiency and transparency to this crucial sector.
'We pursued several initiatives to increase not only the number but also the value of the transactions, including investing in Asia and an emphasis on high-value shipments such as pharma.
'Looking ahead, we remain focused on the opportunities in the massive air and ocean freight markets, driving continued growth and innovation in the quarters to come.'
Freightos said the number of carriers selling on the platform, primarily on WebCargo, increased to 49 for the first quarter of 2024.
Among the recent carrier additions are Virgin Atlantic Cargo and Delta Cargo.
SeaNews Turkey