CEVA profits down in 2009

CEVA Logistics has reported its revenue dropped 13 per cent in 2009, to €5.5 billion (US$7.5 billion), while profit fell 28 per cent, to €233 million ($318 million). Debt decreased seven per cent to €2.4 billion ($3.2 billion).

John Pattullo, chief executive officer said the results were due to “different and demanding” business conditions.

“Following a challenging first quarter, we delivered solid and progressive results across the remainder of 2009,” he added, stressing that the company had won a 10 per cent increase in new business while managing to cut costs by €125 million ($170 million).

“In the last quarter, we continued to recover volumes and revenues; however, as freight carriers removed capacity and rates increased, we saw price increases that we were unable to pass through immediately to customers.”