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Ceva chief vows to do better

[ April 4, 2013   //   ]

Global logistics player CEVA reported revenue growth of 4.8% for the year ending 31 December 2012 but its earnings were hit by the economic conditions. CEO Marvin Schlanger said there had been “a marked deterioration” in both its freight management and contract logistics businesses. “This simply isn’t good enough and we have taken action to reverse this decline in profitability.” We will continue to take actions necessary to establish satisfactory levels of profitability.”

Lower Airfreight volumes, particularly out of Asia, were offset by a solid performance in oceanfreight across all regions.

Ceva has also reached agreement with its major shareholders on a recapitalisation plan that it said will reduce substantially its overall debt and interest costs, as well as increase liquidity and strengthen its capital structure.

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