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Damco back in black despite 15.6pc decline in 2015 revenue

Feb.14--DAMCO, Maersk's forwarding arm, declared a 2015 profit of US$15 million after suffering a $225 million loss the year before. This was drawn on revenues of $2.7 billion, down 15.6 per cent year on year.

"Productivity improvements, overhead cost reductions and growth in supply chain management activities were the primary drivers behind the improved result," said the company statement.

"Margins in both ocean and air freight segments saw improvements, whereas ocean freight volumes declined over the whole of 2015 and ended nine per cent below 2014, partly due to de-selection of less-profitable business.

"Air freight volumes fell four per cent over 2015, but grew through the second half of the year. Over the past two years, Damco has been through a transformation phase and is now starting to see the benefits.

"Costs have been reduced and productivity has increased with improved bottom-line profitability and cash generation as outcome, bringing Damco to a profitable result for 2015," said the statement. 

(Source:shippingazette)

 
 
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