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CEVA profits down 33%

CEVA logistics truck
CEVA logistics truck

By: Jerrel Yun, Singapore
Published: Nov 23, 2009
CEVA LOGISTICS    SEA FREIGHT    AIR FREIGHT

Global - CEVA Group said third quarter earnings dropped 33% on-year due to reduced transport volume and weak air freight demand.

The Dutch-based company's net profit slipped to US$101.3 million in the three months to 30 September from US$152 million in the same period last year.

The company's Q309 profits also fell US$1.5 million when compared to previous quarter, while its revenue for the third quarter was a decline of US$438 million year-on-year at US$2 billion.

The company said a cost savings program initiated at the beginning of this year is "well on track" to generate the expected savings of US$150 million by the end of 2009.

"Following a difficult quarter one in 2009, we delivered strong progress in quarter two. I am pleased to report that we have maintained this momentum in quarter three," said John Pattullo, CEO, CEVA Logistics.

In line with a recovery within the industry, Ceva said its ocean freight volume increased in Q3 when compared to the previous quarter and across its automotive, consumer and retail markets. Air freight volume also showed signs of improvement but the gains have so far been offset by significant freight rate increases.

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