CEVA records second quarter airfreight growth

Logistics firm CEVA recorded a slowdown in airfreight volume growth during the second quarter while losses improved slightly.
The Netherlands-headquartered logistics company reported a 0.7% year-on-year increase in air volumes during the second quarter of the year, down on the 5.2% growth recorded in the first quarter.
It said the slowdown was caused by a weakening Asia Pacific export market.
Meanwhile, revenues for the period shrank by 10.9% to $1.76bn as result of the strengthening of the US dollar against the euro.
With currency effects stripped out, revenues would have decreased by the lower amount of 0.3%.
Loss before income taxes was $51m for the three month period, compared with $56m a year earlier.
This was driven by improved operating profit, lower depreciation and amortisation expenses offset by an unrealised foreign exchange loss for the quarter and a specific item charge of $13 million relating to the write-off of a receivable balance.
Adjusted earnings before interest, tax, depreciation and ammortisation increased by 25% year on year to $75m.
CEVA chief executive Xavier Urbain said: "As the second quarter illustrates, execution of our strategy is producing visible progress and increased profitability.
"We foresee significant upside potential by continuing this focus on operational excellence and efficiency for both our customers and ourselves."