Business, Freight News

Ceva: revenue up, earnings down

[ August 3, 2012   //   ]

Ceva Logistics reported revenue up 5.5% to €1,808 million in second quarter, led by growth in ocean freight but earnings before interest, taxes, depreciation and amortisation (EBITDA) fell from €81m to €70 million as improvements in Asia wereoffset by weakness in Southern Europe and Americas. CEO John Pattullo, CEO, said it had been a difficult quarter, with flat markets and customer caution, partially offset by our efficiency programs, global footprint and robust business model. Transpacific volume and weakness in Southern Europe remain a concern and Ceva has intensified its cost management.