Logwin profit drops 10pc to US$28.4 million in 2011, revenue off 10pc too
2012 03 14
- Details
LOGWIN, Luxembourg's global logistics provider, has posted a 10 per cent drop in operating profit to EUR21.6 million (US$28.4 million) in 2011 drawn on revenues of EUR1.33 billion, which also declined 10 per cent
Its air and ocean sector declined by seven per cent year on year to EUR618.4 million in sales due to sea freight rates creating a challenging second half, despite volumes rising year on year for both sea and air freight.
General cargo volumes grew in both its retail network and the automotive sector with sales of EUR717.0 million.
Although profit has not met expectations Logwin chairman and CEO Berndt-Michael Winter is confident of "moderate growth" in business volumes for the growth markets it has targeted in its air and ocean sector.
Source Shipping Gazette - Daily Shipping News
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