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            october 20, 2019

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CEVA Logistics pre-tax profit up 8.1pc in first half


European forwarding giant CEVA Logistics, formerly of the Netherlands, but now of Baar, Switzerland, has declared that preliminary estimates for first half pre-tax profit increased 8.1 per cent year on year to US$143 million, according to Shipping Gazette. First half revenues were said to have risen 5.2 per cent year on year, but no first half revenue figure was provided.
CEVA cited preliminary second quarter pre-tax profit estimates to be a 10 per cent higher year on year to $77 million. Quarterly revenue was said to increase 7.3 per cent, but again there was no revenue figure provided.
"We have experienced limited impact on volumes from tariffs to date," said the CEVA statement accompanying the results.
"Actually, we have seen an acceleration of air volume growth in recent weeks. Our ongoing cost reduction initiatives, we believe, will help us minimise any potential impact from tariffs," it said.

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