Ceva Logistics' pre-tax loss doubles
A difficult quarter, despite revenue surges in freight management and contract logistics.
The Dutch supply-chain company Ceva Logistics has reported a pre-tax loss of €73m for the second quarter ended 30 June 2012, compared to €36m for the same period last year.
Revenue increased by 5.5 per cent to €1.81bn (2011: €1.71bn), while adjusted EBITDA declined by 13.6 per cent to €70m (2011: €81m).
During the quarter, the company’s revenues in its freight management division increased by 9 per cent, while in the contract logistics division, they grew by 3 per cent.
Net working capital increased to €9m in the quarter. Cash generated from operations improved to €22m (2011: €17m).
John Pattullo, chief executive of Ceva Logistics, said:
This was a difficult quarter, characterised by flat markets and customer caution, partially offset by our efficiency programmes, global footprint and robust business model. Trans-Pacific volume and weakness in southern Europe remain a concern. As a result, we have introduced an even more rigorous approach to cost management to support delivery of our strategic plan.