Finance – Page 16
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DHL achieves record earnings for full-year 2020
In its preliminary results for 2020, Deutsche Post DHL Group (DP DHL) has reported record earnings, despite the "challenging economic environment" experienced last year as a result of the coronavirus pandemic.The logistics and parcels giant achieved its highest operating profits (ebit) for the financial year: €4.8bn, which "significantly outperformed" its ...
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FedEx profits soar as e-commerce volumes take off
FedEx saw fiscal second-quarter revenues and profits improve as e-commerce growth fueled record volumes.The express giant, which operates 680 aircraft, employs 600,000 people and has 200,000 vehicles, saw fiscal second-quarter revenues increase by 19% year on year to $20.6bn, operating income was up by 165% on a year earlier to ...
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IATA: Cargo demand set to return to near 2019 levels next year
Air cargo volumes are expected to return to near 2019 levels next year, according to IATA’s latest market forecast.The airline association said that improved business confidence and the important role that air cargo should play in vaccine distribution is expected to see cargo volumes grow to 61.2m tonnes, essentially matching ...
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The Baltic Exchange launches air cargo derivatives indices
Derivatives trading platform the Baltic Exchange has launched weekly airfreight indices to allow companies to hedge against rate swings.The Baltic Exchange has partnered with Hong Kong-based air cargo pricing publisher Tac Index on the new indices, which include six outbound indices and 17 individual destination baskets.These products will be branded ...
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Cargo helps Emirates limit its losses
Emirates saw its cargo volumes decline in the first half of its financial year as carrying capacity was heavily reduced as a result of the grounding of much of its passenger operations.The Dubai-hubbed airline reported first half cargo volumes of 785,000 tonnes, which is down 35% compared with 2019 levels ...
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DP DHL prepares for "very strong" peak season as Q3 revenues rise
Deutsche Post DHL Group (DP DHL) achieved increased revenues and operating profits during the third quarter of this year, despite the period being "an economic climate dominated by Covid-19".As the company prepares for a very strong peak season, the company said its third-quarter performance was a result of its "strong ...
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Agility's logistics business on the up in Q3
Agility's logistics business saw both revenues and operating profits increase during the third quarter of the year.Global Integrated Logistics' (GIL) third quarter earnings before interest, tax, depreciation and amortisation (ebitda) stood at KD18.5m, a 35.2% increase from the same period in 2019. Gross revenue was KD305.7m, a 7.3% increase from ...
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Atlas Air reactivates another B747 as revenues rise
Atlas Air Worldwide Holdings will reactivate another B747 freighter after improvements in its third quarter figures thanks in part to expanded its e-commerce operations with Amazon and Alibaba.The lessor reported that third-quarter revenues increased by 24.9% year on year to $809.9m and net income increased 23.5% year on year to ...
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Air cargo demand helps Korean to Q3 operating profit
Air cargo demand helped Korean Air eke out an operating profit of W7.6bn ($6.5m) in the third quarter — its second consecutive profitable quarter since the coronavirus struck — but its overall revenue was down more than half from a year earlier.The W7.6bn operating result for the three months ended ...
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Operating profits take off at Lufthansa's cargo business
Lufthansa's logistics division saw profits massively improve on a year ago on the back of cost reductions and higher rates.The division, which includes Lufthansa Cargo and other businesses such as time:matters and Jettainer, saw third-quarter revenues decline by 2% year on year to €587m while revenue cargo tonne kms were ...
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Cargojet sees Q3 revenues improve on e-commerce demand
Cargojet Inc saw revenues and operating profits improve in the third quarter of the year on the back of increased demand for freighter services and growing e-commerce volumes.The Canada-based aircraft lessor reported a 38.2% year-on-year increase in third-quarter revenues to C$162.3m, while adjusted earnings before interest, tax, depreciation and amortisation ...
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Air France KLM sees cargo revenues improve despite volume decline
The Air France KLM Group (AFKLMP) continued to see an improvement in cargo revenues during the third quarter despite a decline in volumes.The airline group registered 31.7% year-on-year increase in cargo revenues during the quarter, while cargo volumes dropped 20% compared with last year to 220,000 tons.As a result of ...
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IAG Cargo charter ops bump up Q3 revenues
In its latest financial figures, IAG Cargo has revealed that it made use of its scheduled capacity and "bespoke" charter operations to achieve an increase in revenues in the third quarter of this year.The company reported a 14.1% year-on-year increase in revenues, to €302m, for the period of July to ...
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Blue Dart sees profits rise in Q2
India’s Blue Dart Express handed its staff a $352 bonus after posting a ₹414m ($5.6m) profit after tax for its fiscal second quarter 2020, a 196% increase on the ₹140m ($1.9m) in the same period of 2019.Blue Dart, which is preparing for the logistics of distributing a Covid-19 vaccine, saw ...
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Asian volumes boost UPS in Q3
Strong outbound demand from Asia helped fuel a 15.9% increase in third quarter 2020 consolidated revenues for UPS to $21.2bn.The US-headquartered global parcels and logistics giant saw third-quarter consolidated average daily volume increase 13.5% year over year, while operating profit was $2.4bn, up 11% compared to last year’s third quarter.Said ...
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NewsDSV targets e-commerce with Prime deal while air cargo improves in Q3
DSV Panalpina has acquired e-commerce specialist forwarder Prime Cargo, while it has also announced continued growth in its airfreight business in the third quarter.The Denmark-headquartered forwarder has agreed to purchase Prime Cargo, including its activities in Denmark, Poland and China, from the Mitsui-Soko Group in Japan for an undisclosed sum.Prime ...
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US cargo carriers quizzed on PSP funds
Four US cargo carriers have been asked to hand back or demonstrate that they needed more than $630m in Covid-19 support funding as part of the Payroll Support Program (PSP).James Clyburn, chairman of the select subcommittee on the coronavirus crisis, sent letters to Atlas Air, Kalitta Air, Western Global Airlines ...
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NewsK+N reports improved airfreight market in Q3
Kuehne+Nagel's airfreight operating profits and revenues were up in the third quarter of the year on the back of improved market and despite a decline in volumes.The Switzerland-headquartered forwarder saw third-quarter air cargo revenues increase by 8.7% year on year to Sfr1.2bn, gross profits were down 4.3% to SFr315m and ...
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DP DHL records "strong business development" in preliminary Q3 results
Deutsche Post DHL has managed to achieve an increase in earnings before interest and tax (ebit) during the third quarter of this year and recorded "strong business development" ahead of its shift in focus to 'peak season'.Chief executive Frank Appel said in the company's preliminary third-quarter financial results: “We are ...
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NewsPayCargo looks to expand after securing investment
Digital cargo payment system PayCargo has secured funding that it will use to expand the business and develop new technologies.The company today announced a $35m investment led by global venture capital and private equity firm Insight Partners.The funds will be used "expand global adoption of its electronic payments network and ...