CEVA Logistics has posted a 5.8 per cent third quarter operating profit increase to EUR86 million (US$118.6 million) year on year drawn on a 1.2 per cent increase in revenue to EUR1.76 billion.

    The positive result was attributed to continuing good performance in contract logistics, partly offset by lower rates and volumes in freight management.

    Year to date operating profit, or EBITDA, increased to EUR238 million, up 17.2 per cent.

    "The actions we have taken over the past 18 months to reduce costs and improve efficiency have resulted in better margins in markets that have become tougher in recent months," said CEO John Pattullo. "I am pleased that our business model is proving resilient."

    Third quarter contract logistics revenue grew 2.5 per cent year on year. In freight management the group's air business was impacted by declines in market volume, particularly in transpacific airfreight lanes.

    In contrast, its ocean business continued to grow, with the EBITDA margin increasing from 4.7 per cent to 4.9 per cent. Strongest growth performances were achieved in freight management and the automotive and energy sectors.

(Source:http://www.shippingonline.cn/news/newsList.asp?classname=News)