Boosted by strong growth in its air and sea division, Danish freight forwarder DSV posted better-than-expected second-quarter figures. Operating profit, before special items, rose to US$118.7 million in the period from April to June, beating a mean forecast of $112 million, which was based on a Reuters poll of analysts. Net profit for the period was $77.8 million, up from $72 million in Q2 2014.
DSV, the 16th-largest forwarder by airfreight metric tonnes per Armstrong and Associates, reported that its overall airfreight business grew by 2 to 3 percent in Q2 while it saw its market share grow by 10 percent.
“We maintained the positive growth trend in both number of shipments and earnings in all our business areas in the second quarter of 2015. Our Air and Sea Division reports a remarkable 26 percent earnings growth,” said Jens Bjorn Andersen, CEO.
Net profit for the first half of 2015 was $140.3 million, up more than 64 percent from $85.2 million reported from the first half of 2014. The increase, DSV said, was partly due to the high operating profit and partly due to the decline in the special items in 2015, compared to 2014.
After what Andersen called a “solid first six months” in 2015, he said DSV will raise its full-year performance forecast to an operating profit, before special items (EBITA), of between $415 million and $438 million. Free cash flow before any acquisition or divestment of enterprises is expected to be approximately $306 million.
DSV has offices in 70 countries and about 23,000 employees.
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