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            october 20, 2019

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Ceva in the red for US$57m despite increase in revenues and volumes


Netherland-based third party logistics provider, Ceva Holdings, recorded a net loss of US$57 million in the first quarter of the year, compared to a $3 million profit in the same period last year, despite an improvement in revenues and airfreight volumes.
The freight forwarder saw first-quarter revenues increase by 1.9 per cent year on year to $1.6 billion, operating income doubled to $8 million from $4 million a year earlier.
Meanwhile, airfreight volumes improved by 9 per cent year on year, ahead of estimated market growth of 6 per cent, the London's Air Cargo News reported.
The forwarder said that the main driver for the loss was mainly down to the recognition of deferred tax assets in the first three month of last year, while none have been recognised this year. The company was happy with the improvement in operating performance.
Ceva chief executive Xavier Urbain said: "2017 has begun positively, with volume, revenue and [operating] profit growth. We have recently achieved a number of important new business wins, notably in contract logistics, which we expect to have positive effects in the coming months.
"Our operational excellence programme to simplify and standardise our processes is having a visible impact and is delivering significant cost savings.
"We are also making good progress in improving our key contracts and markets, in particular the US. The renewal of the ANJI-Ceva joint venture in China and recent refinancing transactions are equally strong endorsements of Ceva's direction. We are well on track for a stronger year."
Ceva, like other forwarders that have reported first quarter performance, said that freight revenue margins came under pressure in line with price increases from carriers.

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