While CEVA Logistics reported minor growth in airfreight volumes for the second quarter of 2015, it also launched a new global project logistics division within its freight management division. The new division, CEVA said, will focus on its energy, industrial, aerospace and mining sectors. The new division will report to Helmut Kaspers, COO for global air and ocean freight.
CEVA’s current project logistics global competence centers are located in Houston and Rotterdam. With this new division, the company will expand to cover Singapore, Shanghai and Dubai by the end of the year.
Meanwhile, CEVA’s Q2 airfreight volumes were up 0.7 percent, year-over-year, due to a weakening Asia Pacific export market. Oceanfreight volumes were up 4 percent, y-o-y, which reflects growth in Europe. Contract logistics saw revenue up 0.9 percent, y-o-y, in constant currency.
Financially, the company had a reduction in losses in the second quarter, with a loss before taxes of US$51 million, compared with $56 million in Q2 2014. Revenues fell nearly 11 percent to US$1.763 billion, y-o-y, but the figure was up 0.3 percent, y-o-y, after adjusting for currency effects. Adjusted earnings before interest, taxes, depreciation and amortization (EBITA) were up 25 percent y-o-y, and up 31.7 percent in constant currency.