Damco gross profit up 4%

Damco significantly improved results from 2009 onwards and this continues into 2012. The ocean freight volumes grew by 7%, airfreight volumes are up by 122% (incl. the effect of the NTS acquisition) and Supply Chain Management volumes increased with 5%.

Damco, freight forwarding and logisticsservice providers, declares revenue growth of 11% in the first nine months of2012, compared to the same period last year. YTD gross profit was up 4% to USD 591.YTD EBIT grew 6% to USD 76 million.

Damco significantly improved results from 2009 onwards and this continues into 2012. The ocean freight volumes grew by 7%, airfreight volumes are up by 122% (incl. the effect of the NTS acquisition) and Supply Chain Management volumes increased with 5%. In Q3 Damco completed the acquisition of Pacific Global Networks which boosts its position in Australia and China-Hong Kong, and Damco also announced the relocation of the Headquarters from Copenhagen to The Hague in the Netherlands, which will take place in Q1 2013.

“We have in this period further strengthened the foundation of our business and our results underline that we are moving in the right direction,” Damco CEO, Rolf Habben-Jansen says. “We are satisfied with our Q3 results, as whilst the overall figures are impacted by one-off costs related to the acquisition of Pacific Network Global Logistics and the relocation of our HQ to The Hague (for which we took a 5 MUSD provision), our underlying trading was ahead of 2011 and in line with our plans”, Rolf Habben-Jansen added.