Finance – Page 19
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Global health crisis and acquisition impact DSV Panalpina Q1 results
DSV Panalpina saw revenues and airfreight volumes increase in the first quarter of the year, thanks to its acquisition of Panalpina, while the coronavirus outbreak had a negative impact on results."The financial performance in Q1 2020 was impacted by both the integration of Panalpina and the Covid-19 situation, the latter ...
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IAG preliminary results give insight into Covid-19 impact
International Airlines Group (IAG), parent company of IAG Cargo and British Airways, has announced its preliminary results for the first quarter of 2020, ahead of the full results which will be released on May 7.Commenting on ebit, IAG said: "The operating result in the first two months of 2020 was ...
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NewsK+N airfreight volumes slide in Q1 as Covid-19 takes its toll
Kuehne+Nagel (K+N) saw its airfreight volumes, revenues and operating profits decline in the first quarter of the year as the coronavirus outbreak took its toll on performance.The Switzerland-headquartered freight forwarder's airfreight business saw first-quarter revenues fall 6.8% to SFr1.1bn. Meanwhile, earnings before interest and tax (ebit) was down 5.8% to ...
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Baltic Exchange to add airfreight pricing index
Derivatives trading platform Baltic Exchange will adopt TAC Index airfreight rate data to publish its first index of airfreight prices along major air trade lanes.The Baltic Exchange, which traces its routes back to the 1700s, provides benchmark assessments for the maritime markets which are used to settle billions of dollars-worth ...
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NewsWorldACD: March, a month like no other in air cargo history
WorldACD has outlined that after the 2.7% drop in airfreight demand that it reported in January/February, March saw a decrease in chargeable weight of 17.7%, despite the first week of March being the best-performing this year so far.The Asia Pacific and the Americas regions fell least, with -12% and -17% ...
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DP DHL scraps earnings guidance as it takes a €200m Covid-19 hit
Deutsche Post DHL (DP DHL) has scrapped its earnings guidance for the year as it reported a €200m hit caused by the coronavirus outbreak.The postal and logistics giant said that the global spread of the pandemic and the corresponding lack of transparency concerning the global economic development led the group ...
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FedEx borrows $1.5bn to offset coronavirus impact
Fedex has strengthened its cash reserves with a $1.5bn credit line loan while executives have agreed to pay reductions.In a stock exchange announcement, the US express company said that the move would allow it to gain financial flexibility to combat the negative effects of the coronavirus outbreak.FedEx said high-margin business-to-business ...
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Kerry Logistics reports rise in revenues and profits in 2019
Kerry Logistics Network last year saw revenues and profits increase last year, with its logistics and forwarding businesses performing well.The company last year saw revenues increase by 8% year on year to HK$41.3bn, while core operating profit was up 17% to HK$2.8bn and core net profit improved 4% to HK$1.4bn.The ...
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NewsUK handlers warn of imminent collapse of operations
Craig Smyth, CEO of WFSThe UK's four main handling companies have warned that their operations at the UK's airports could grind to a halt in weeks as the sector faces collapse.Swissport, dnata, Worldwide Flight Services and Menzies have written to the UK government to ask for financial support as they ...
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Emirates announces cost-reduction plan in response to Covid-19
The Emirates group has announced a cost-reduction plan, as the outlook for travel demand remains weak due to the coronavirus (Covid-19) pandemic.Emirates chairman and chief executive, HH Sheikh Ahmed bin Saeed Al Maktoum, explained: “Emirates Group has a strong balance sheet, and substantial cash liquidity, and we can, and will, ...
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Lufthansa mulls cargo-only PAX flights while it cuts capacity
While announcing its 2019 financial results, Lufthansa said that it was considering using its idled passenger aircraft for freight-only flights while it also revealed drastic capacity cuts in response to the coronavirus.The German airline group said it would reduce capacity by 95%, parking up 700 aircraft, as part of measures ...
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FedEx cancels outlook, prepares for capacity crunch
FedEx has cancelled its outlook for 2020 and has warned that airfreight capacity on the transatlantic will come under pressure.When announcing its third-quarter results, the express giant said that the unpredictable nature of the market — as a result of the coronavirus outbreak — meant it would not provide an ...
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DSV Panalpina withdraws 2020 outlook
DSV Panalpina has withdrawn its outlook for 2020 as market conditions remain hard to predict.The Copenhagen-based freight forwarder said that financial results for January were on budget but in February were around DKr150m lower than expected."As a result of the current global outbreak of coronavirus, supply chains and the global ...
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WorldACD highlights impact of "corona effect"
Ahead of its full results for February, which will be released in two weeks' time, WorldACD has released preliminary figures for the month, which it says give an outlook on the "corona effect" when combined with January's figures.The analyst explained: "Looking at February in isolation leads to an incomplete picture ...
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NewsDHL airfreight volumes down 4.6% in 2019
The world’s largest airfreight forwarder DHL Global Forwarding saw airfreight revenues and volumes decline last year, but gross profit improved (see charts at end of article).The DHL Global Forwarding, Freight division saw total airfreight volumes for 2019 decline by 4.6% year on year to 2m tonnes, while revenues were down ...
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Etihad Cargo sees volumes and revenues fall in 2019
Etihad Cargo saw both cargo volumes and revenues fall in 2019 as a result of fleet rationalisation programme and a weak market.The Abu Dhabi headquartered carrier saw 2019 cargo volumes fall by 6.9% year on year to 635,000 tonnes, while total revenues fell by 15.7% year on year to $700m,This ...
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ATSG reports record revenues but profits slide
Freighter lessor and operator ATSG saw revenues climb to record levels last year but profits declined.The Wilmington-headquartered company reported revenues for the year of $1.4bn compared with $892m last year, while earnings from continuing operations declined by 18.2% to $71.6m and net earnings declined by 11.7% to $61m.The company said ...
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Fraport announces cost-reduction measures in response to coronavirus
Frankfurt Airport operator Fraport has announced new cost-reduction measures in response to the impact of the coronavirus.Cost-saving measures include: reduced administrative and operating costs where possible, individual assessments for new recruits, and staff being offered unpaid holiday and part-time shifts where possible.In a statement, Fraport explained: "All major costs are ...
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DP DHL takes a €70m hit from the coronavirus
Deutsche Post DHL took a €70m hit on its operating profits in February as a result of the coronavirus.The express, parcel and logistics giant said that it had a very good start to the year in January and was prepared for the usual effects around Chinese New Year.However, since then, ...
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IAG Cargo: Decline in revenues reflects market conditions
IAG Cargo has reported a 7.2% year-on-year decrease in revenues in its full-year results for 2019.From January 1 to December 31 last year, the carrier listed revenues of €1,117 m.IAG Cargo also reported a 2.4% decrease in volumes and a 1% increase in capacity. Meanwhile, the company's yield last year ...