All Finance Articles – Page 26
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News
UPS profits hit by severe winter weather
UPS saw profits decline in the first quarter of the year as extreme winter weather hit earnings.During the period, the company saw revenues increase by 0.3% to $17.2bn while net income declined by 17.4% to $1.1bn.The company said that its profits were affected by “severe winter weather in the US” ...
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NewsK+N first quarter airfreight volumes fall 3.1% in a 'declining market'
Source: K+NKuehne + Nagel (K+N) saw 2019 first quarter airfreight volumes fall 3.1% to 409,000 tonnes, citing "significant increases in tonnage in the previous years" against the backdrop of "a declining market".The world's largest freight forwarding group recorded a net turnover rise of 7.7% to SFr5.2bn in the first three ...
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NewsCargolux reports record profits despite challenging market conditions
Cargolux B747-8FLuxembourg-based airline Cargolux saw net profits after tax increase by 72.7% year on year in 2018 to $211.2m thanks to its new ACMI operation, a record year for charter and demand for increased demand for specialist shipments.Consolidated revenues at the airlines for the year increased by 16.4% year on ...
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NewsPanalpina airfreight volumes improve in Q1 despite market decline
Panalpina has bucked market trends by reporting an increase in air cargo volumes in the first quarter of the year, while overall profits and revenues were also on the up.The company, which looks likely to merge with Denmark’s DSV, saw airfreight volumes increase by 8% in the first quarter to ...
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Revenues take-off at Virgin Atlantic Cargo in 2018
Virgin Atlantic Cargo saw revenues increase by 13% year on year in 2018 as it achieved its strongest revenue performance in the last five years.In total, the airlines registered cargo revenues of £222m on the back of a 6% increase in volumes to more than 244,000 tonnes, the airline’s best ...
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FedEx warns of continuing weakness in global trade
FedEx reported fiscal third quarter financial results that were “below expectations” and has warned of continued weakness in global trade.The express firm registered an adjusted third-quarter net profit of $797m compared with $1bn a year earlier, while revenues edged up to $17bn from $16.5bn.“Our third quarter financial results were below ...
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NewsLufthansa Cargo: airfreight boom comes to an end
Lufthansa Cargo has warned that the airfreight boom of the last two years has come to an end after reporting an increase in profits last year.The carrier generated over €2.7bn in revenue and a profit of €268m (adjusted EBIT) in 2018, the second-highest result in the German flag-carrier‘s history, on ...
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NewsLufthansa Group: ‘another successful year’
Source: Lufthansa CargoLufthansa Group has posted a 6% year-on-year rise in total revenues for 2018.At €2.8bn, adjusted EBIT fell only slightly short of the €3bn recorded in 2017.Meanwhile, Lufthansa Cargo increased its record adjusted EBIT of 2017 by 2% to €268m.Chairman of the executive board and chief executive of Deutsche ...
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News
Etihad Cargo records strong performance
Abu Dhabi-based Etihad Airways has reported a loss of $1.28bn for 2018, an improvement on the $1.52bn loss it suffered the previous year.Total revenue fell from $bn to $5.9bn year on year. However, the airline said it had succeeded in improving its core operating performance by 34% – despite challenging ...
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News
Strong cargo performance as Cathay Pacific returns to profit
Cathay Pacific saw increased capacity, yield and load factors in cargo as it benefitted from robust demand in 2018. It says the 14.7% (to HK$2.03) increase in yield compared to 2017 reflected a rise in high-value specialist cargo shipments and higher fuel surcharges.Cargo capacity of Cathay Pacific and Cathay Dragon ...
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NewsIATA hopes to make paying for cargo easier
Eduardo Del Riego, CEO of PayCargo LLC and Aleks Popovich, IATA’s Senior Vice President, Financial and Distribution Services.PayCargo and IATA have established the IATA-PayCargo System to offer the air cargo industry “an advanced and efficient payment and settlement system.”The partnership marks the global expansion of an agreement that began in ...
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NewsE-commerce boom and trade growth fuel DP DHL Group revenues in 2018
The boom in e-commerce and sustained growth in international trade flows saw Deutsche Post DHL Group’s (DPDHL) 2018 group revenue rise 1.8% to €61.6bn in a “challenging year” or a 6% rise after adjusting for currency effects and portfolio changes.The German logistics giant said that all four divisions – post, ...
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News
Air France-KLM board to "closely monitor" the Dutch government's increased shareholding
Air France-KLM Group's board will “closely monitor” the surprise move by the Netherlands government to more than double its stake in the Franco-Dutch airline to 12.68%.In a shares swoop valued at an estimated €700m, the Dutch state increased its original 5.8% stake without any consultation with either the airline board ...
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News
ATSG looks to its strengthened platform following Amazon extension and Omni deal
Aircraft lessor ATSG saw adjusted revenues and earnings for the year increase by more than 20% in the final quarter of the year.The Wilmington-based firm reported a 27% increase in adjusted fourth-quarter revenues to $280.8m, while adjusted earnings from continuing operations were up 23% to $24.1m.ATSG president and chief executive ...
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NewsRecord year for airfreight at Panalpina but no updates on DSV and Agility talks
Panalpina's latest annual report shows that airfreight volumes in 2018 breached the 1m tonne mark for the first time in the company's history, but there is no further update on its potential takeover or merger.The Switzerland-headquartered freight forwarder reported a 9.1% increase in revenues to SFr6bn, earnings before interest and ...
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IAG Cargo revenue rise in 2018 but a challenging year ahead
IAG Cargo reported full year 2018 commercial revenues of just under €1.2bn, an increase of 7.2% on 2017 at constant currency, and said that 2019 looks set to be “a more challenging year”, with airfreight capacity growth outpacing demand increases.Overall yield for the year was up 8.1% at constant currency. ...
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Losses deepen at CEVA as one-time items hit profitability
CEVA Logistics reported another loss in 2018 as “various one-time items” took their toll on company financial performance.The forwarder, which last year had box line CMA CGM become a strategic partner following an IPO, saw revenues for the year increase by 5.2% year on year to $7.4bn, earnings before interest, ...
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NewsKuehne+Nagel full-year profits helped by "outstanding" airfreight
Kuehne+Nagel reported increases in revenues and profits last year as its airfreight division “continued its outstanding development”.The world’s largest forwarder saw its revenues for 2018 increase by 11.7% year on year to SFr24.8bn, while earnings before interest and tax (ebit) was up 5.3% to SFr987m and net profit jumped by ...
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NewsQantas enjoys strong six months with cargo on the up
Australian flag-carrier Qantas has announced strong financial results for the six-month period that ended on December 31 (the first half of its current financial year).Net freight revenue reached A$525, up by 15% on the same period of 2017.The carrier said in a statement that, “The freight business delivered a steady ...
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News
Expeditors reports on steady fourth-quarter performance
Seattle, Washington state-headquartered forwarder Expeditors International has released fourth-quarter 2018 results that included an 18% year on year improvement in revenues and 9% improvement in operating income.Airfreight volumes handled were up by 2% on those of the same quarter of 217.President and chief executive Jeffrey Musser observed: “The fourth quarter ...