Ceva airfreight down
24 / 08 / 2011
CEVA Logistics has posted a 30 per cent boost in earnings during the first half despite a dip in airfreight volumes.
The Asia-Pacific and Americas regions have underperformed in the air, but Ceva’s earnings surged to €152 million (US$218 million).
Year-over-year revenue was down 1.8 per cent in the second quarter of 2011 however and net working capital struggled during this period as well.
“Despite the industry-wide softening of freight volumes, we have increased freight management business with our global customers and experienced growth in our contract logistics business in all regions. Our new business performance in the period has been excellent with significant wins and contract extensions,” Ceva Logistics chief executive officer John Pattullo said.
The majority of Ceva’s new contracts are based in China, with the logistics provider targeting the technology, automotive and energy sectors.