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Damco sees 'solid' result in 2012

February 26 - Freight forwarder and logistics service provider Damco saw significant revenue growth during 2012.

Damco's revenue grew 19 percent year-on-year to USD3.27 billion in 2012. Gross profit rose by seven percent over 2011 to USD807 million. However, earnings before interest and tax (EBIT) slipped four percent year-on-year to USD93 million.

Damco saw its ocean volumes rise 6 percent during 2012 when compared to the previous year.

Air freight tonnage soared 91 percent year-on-year on 2012. In August 2011, Damco acquired Chinese freight forwarder NTS and the subsequent air freight improvement can be attributed to having the firm on its books for a full year of trading.

However, according to Damco, its EBIT slump is a result of worsening market conditions and implementation costs relating to new business. Early in 2012, Damco decided to restructure its European operations - splitting it into East and West Europe regions.

Furthermore, Damco took steps to relocate its Copenhagen, Denmark head office to The Hague in the Netherlands. The move is scheduled for completion in Q1 2013.

In October 2012, it also acquired Australian forwarder Pacific Network Global Logistics, in a move to strengthen its position in the Oceania region.

Rolf Habben-Jansen, ceo, Damco, commented: "I am satisfied about our solid results for 2012.

"We continue to grow and develop our business, in spite of continued difficult market conditions. I am particularly pleased that we have taken full advantage of our acquisition of NTS," he added.

www.damco.com

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