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            october 15, 2019

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CEVA's quarterly profit rises 7pc


CEVA Holdings, a Dutch supply chain management company, posted a first quarter year-on-year pre-tax profit (EBITDA) increase of 7.5 per cent to US$43 million, drawn on revenues of $1.86 billion, down 8.9 per cent, according to Shipping Gazette.
The result was driven by a strong performance in contract logistics where profits increased 37.8 per cent owing to the decision to exit underperforming contracts last year, which also led to a reduction in revenue.
Also reported was a continuing weakness in air freight and ocean freight overall impacted freight management performance, where lower volumes and margin pressure out of Asia adversely impacted performance, the company said.
CEO Xavier Urbain, who took over as chief executive in January, said: "We have not been immune to market conditions that have impacted freight management."
The quarter showed momentum in new business performance with "excellent" results in the automotive sector, led by two significant individual wins with blue-chip customers. These major new contracts are being implemented currently.
During the first quarter, the company announced a number of new contracts, expansions and enhancements, including a three-year contract with MANN+HUMMEL, a customs brokerage deal with Volvo.
Separately, the company completed a capital structure refinancing that extended all material maturities and increased liquidity by $100 million.

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