Damco on a half-year high

DANISH freight forwarder Damco saw airfreight volume grow at more than double the market average in the first half of the year.

Volumes grew 11 per cent over the 2010 period, ahead of the two to four per cent market rate.

Against last year the company’s gross profit is up nine per cent to US$361 million.

“Our results are encouraging, especially considering the ongoing slowdown of global freight markets. Our bottom line remains solid and year-on-year we have improved our sales of new business in the first half of 2011 by 37 per cent. We are winning more and more large customers and securing strategically important wins within our key target industry verticals,” Rolf Habben-Jansen, chief executive officer at Damco, said.

Damco has also acquired a majority stake in New Times Transportation in China, which will further strengthen the forwarder’s Asian business.

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