Finance – Page 42
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Air Zimbabwe board 'investigated'
REPORTS from Harare claim that Air Zimbabwe has had its entire board of directors fired by Zimbabwean Minister of Transport, Obert Mpofu.The airline's management is at the centre of an alleged US$11million insurance scam following a forensic audit of the airline's operations.According to the ministry, a soon-to-be-appointed reconstituted board will ...
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Air cargo boosts K+N's growth
A MARKET-BEATING airfreight contribution helped Swiss global logistics company Kuehne + Nagel [K+N] back on the road to profitable growth last year.Overall operational profits (EBITDA) increased by 4.6 per cent to US$1,083 million after an ‘excellent’ airfreight performance, states Dr Detlev Trefzger, chief executive.The company met its profit margin target ...
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Panalpina expects airfreight market to grow by 2-3 per cent
AIR, ocean and logistics company Panalpina made steady progress in 2013 – and expects the airfreight market to grow by 2-3 per cent this year.In 2013, the Swiss group reported pre-tax earnings of US$54million, more than double the 2012 result. The company outperformed the market in both air and ocean ...
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Agility's profits up
AGILITY’s overall profits climbed 37 per cent to KD46.2m (US$164.09m) in 2013, despite revenue from its core Global Integrated Logistics (GIL) business falling by 4.5 per cent.Tarek Sultan, chairman and managing director, blamed the decline on “underlying challenges in the freight forwarding industry, including difficult airfreight conditions and falling ocean ...
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Panalpina beats the market in 2013
PANALPINA increased its airfreight business by three per cent last year, beating the market’s one per cent growth.It transported some 24,000 tonnes more, reaching an annual total of 825,000 (2012: 801,000].At the same time, increasing competitive pressure led to gross profit per tonne decreasing by approximately two per cent.In total, ...
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K+N air freight volumes edge ahead
KUEHNE + NAGEL saw airfreight volumes increase 1.4 per cent in the 2014 first quarter to 285,000 tons, although divisional air cargo turnover fell 0.9 per cent to just over SFr1bn.The Switzerland-based logistics operator said that the volume increases in air cargo were mainly realised in Europe and North America, ...
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Norbert Dentressangle’s €1,078m revenue hike
NORBERT DENTRESSANGLE’s consolidated revenues rose by 13.6 per cent to €1,078m in the first quarter of 2014.The forwarding giant also enjoyed a 5.5 per cent increase in its transport business revenues to €527m and a 19.8 per cent hike to €522m from its logistics activities “reflecting a more positive trend ...
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Panalpina gains airfreight market share
PANALPINA continued to gain airfreight market share in in the first quarter of 2014, with a 6.3 per cent rise in volumes that outpaced the industry’s 4 per cent benchmark growth.“We had a decent start into 2014,” says Panalpina chief executive Peter Ulber. “In the first three months of the ...
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Agility profits up, but cargo revenue drops
KUWAIT-BASED logistics company Agility’s profits rose 11 per cent to KD11.24 million in the first quarter of this year, even though overall revenues dropped by 11 per cent.Weak demand in air cargo continued to impact on the company’s Global Integrated Logistics (GIL) business, which saw its revenues decrease by 15 ...
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IJS Global acquired by Dutch investor
GLOBAL logistics service provider IJS Global has been acquired by Dutch investment company Nimbus.IJS will provide the Netherlands-based entity with its first involvement in the transport and logistics sector, but IJS will continue to be driven from its Amsterdam headquarters with its senior management remaining very much in place, says ...
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Atlas Air: A strong future for wet-leasing
ON THE face of it, this does not seem like a good time to be an ACMI operator.British Airways recently terminated wet-leases on three B747-8Fs and switched to a much smaller capacity-sharing arrangement on Qatar Airways freighters. Carriers as varied as Air France-KLM, EVA Air and Singapore Airlines have all ...
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Middle East booming says Agility
THE Middle East region continues to offer extremely lucrative opportunities for those companies able to take advantage of its emergence as a global logistics hub, stresses Essa Al-Saleh, chief executive of Kuwait-based Agility Global Integrated Logistics.In an address to an emerging markets logistics conference in Dubai, Al-Saleh highlights the outstanding ...
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Aramex profits up
ARAMEX delivered record growth in the first six months of this year.The Middle East-based logistics company's half-year 2014 revenues increased to US$0.45 million [AED 1,768 million], up seven per cent on the corresponding period of 2013.Net profits rose to $43.4 million, an increase of 13 per cent.“Following a robust first-quarter ...
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DHL air cargo volumes rise but revenues fall
German logistics giant Deutsche Post DHL saw a half year 2014 uptick in air freight volumes despite lower demand from several large customers as revenues declined year on year.The largest global freight forwarding purchaser of air cargo volumes saw a 1.1 per cent rise in total bookings to just under ...
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CEVA's cargo rise in Q2
LOGISTICS giant CEVA is celebrating ocean freight and airfreight volumes rising by seven and one per cent respectively during the second quarter of this year, writes Thelma Etim, deputy editor.New business was also up 31 per cent to US$763m in comparison to $582 million for the same period in 2013.Investment ...
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Agility profits up, while cargo continues falling
GLOBAL forwarder Agility's net profits climbed to KD12.9m (US$45.55m) in the second quarter of this year, an increase of 12 per cent on the same period last year, writes Thelma Etim, deputy editor.For the first half of 2014, the Kuwait-based company achieved a net profit of KD24.1 million ($85m) –up ...
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IATA: Speaking out for air cargo’s global image
IT BEGGARS belief that an industry vital to international trade remains so invisible to the rest of the world, writes Thelma Etim, deputy editor.This may be one of the reasons why the air cargo industry has been allowed to operate in a technological time-warp for so long, while other industry ...
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Panalpina airfreight sees stable growth
INTERNATIONAL freight forwarding and logistics company Panalpina maintained overall profitability in the first nine months of 2014. Undeterred by ongoing restructuring, airfreight volumes grew four percent year-to-date, but unit profitability decreased due to margin pressure and currency effects.“We have managed to keep up profitability in the first nine months of ...
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Cargolux: Betting big on China
How many B747-8 freighter flights between Zhengzhou and Luxembourg can the market sustain? That was the question when Cargolux announced that it was to sell a 35 percent stake to Henan Civil Aviation and Investment Company Ltd (HNCA), an enterprise owned by the Chinese province of Henan.The deal, completed in ...
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Double digit boost for Expeditors
Expeditors International recorded double digit volume growth for both air and ocean freight in the 2014 third quarter, the first time this has happened since the last three months of 2010.The US-based global logistics operator said: "These 2014 third quarter results have given us a great deal of confidence,” adding ...