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            october 18, 2019

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CEVA loss widens due to finance charges


Dutch forwarding giant CEVA Holdings, widened its loss in the second quarter of 2017 to US$45 million mostly because of finance charges, according to Shipping Gazette.
Net finance charges for the second quarter were the result of a foreign exchange losses of $13 million, bringing the loss total to $80 million against $33 million in second quarter of 2016.
Interest and other financial expenses came to $69 million in Q2, up from $51 million the previous year.
Aside from that, second quarter pre-tax profit increased nine per cent year on year to US$70 million, drawn on revenues of $1.7 billion, an increase of six per cent.
First half pre-tax profit up 11 per cent year on year to $124 million, drawn on revenues of $3.2 billion, up $2.6 billion.
CEVA reported stable yields in freight management, with air freight volumes up 15.6 per cent year on year, especially on the transpacific and intra-Asia trade routes; ocean freight volume was up 3.5 per cent during the same period.
New contracts in automotive, consumer and retail, and e-commerce sectors supported a 4.5 per cent revenue growth in the contract logistics segment.
"Our Q2 is a further improvement on Q1, delivering revenue, profitability and cash flow improvements despite market headwinds," said CEVA chief executive Xavier Urbain.
"Our underlying trading was even stronger. The Excellence Programme, with a relentless focus on impeccable execution and productivity is demonstrating a strong momentum and we shall see more impact in the coming quarters," he said.
"We have made much progress in terms of cost reductions and cash flow and we keep winning new business. In view of these improvements, we confirm our expectation for robust results in 2017 in EBITDA and cash flow."

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