CEVA pretax profit up 37pc to US$102 million on 13pc jump in revenue

CEVA Logistics has posted a 36.5 per cent increase in pre-tax profit to EUR71 million (US$102.14 million) year on year, drawn on revenues of EUR1.68 billion, up 13.3 per cent.


EBITDA, before specific items that are classified as significant non-recurring items including restructuring, integration costs and certain legal expenses, amounted to EUR71 million (US$102.14 million), an increase of 36.5 per cent compared to the same quarter a year earlier.


Said CEO John Pattullo: "These results prove the benefits of the structural changes we made in 2010 and have positioned us well for continued future growth and development."


The group said it saw strong results in both air and ocean freight, particularly, on the transatlantic trade lanes, and margins improved year on year. Following the earthquake and tsunami, it experienced some reduction in outbound volumes from Japan, but does not expect the disasters to be "material" to its performance this year.


The contract logistics and freight management unit was said to have performed well worldwide in terms of both revenue and profit, especially in Asia Pacific. The business experienced growth in the automotive, consumer, technology and industrial sectors.


During the first quarter the group achieved EUR528 million of new business wins with a record performance in March, it added.
(Source:http://www.schednet.com)