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Indiaexportnews.com

CEVA's 2013 operating profit falls 2.8pc

  05.03.2014    

CEVA Holdings LLC, leading Dutch global supply chain company, has posted a 2.8 per cent year-on-year decline in operating profit to US$277 million in 2013, drawn on revenues of $8.5 billion, down 8.3 per cent, according to Shipping Gazette.
But CEVA's Contract Logistics division's operating profit increased 23 per cent year on the year, benefiting from the company's work to address underperforming contracts.
The revenue decline was blamed on Freight Management where volumes fell and divisional revenue dropped 12 per cent, largely on a downturn in air freight volumes out of Asia.
"Strong performance in the US Automotive and European Consumer and Retail sectors were offset as a result of our focus on addressing underperforming contracts," said the CEVA statement.
Fourth quarter adjusted EBITDA was up 57 per cent year on year to $77 million, as cost cutting started in 2013 contributed to constant profit building since, but quarterly revenue declined 9.4 per cent year on year to $2.4 billion.
"The steps taken in 2013 have positioned CEVA for a future where we can invest and grow the business," said the new CEO, Xavier Urbain, who took the helm in January.
"We are also seeing evidence of improvement in our Freight Management business as actions to strengthen our Freight Management organisation gain traction in the marketplace and with our customers," he said.
Fourth quarter highlights include an extension of its partnership with Vileda in Turkey. The extension of a customs brokerage deal with Avon in Latin America, an Ocean freight project with Petrograd, Brazil as well as contracts with Daikin Europe and Scandia in Iberia.



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