Scandinavian Trucker Posts Drop in Profit

Discussion in 'European/Other Countries Truckers Forum' started by rookietrucker, Aug 4, 2009.

Aug 4, 2009 #1

rookietrucker Trucker Forum STAFF Staff Member

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Scandinavian Trucker Posts Drop in Profit

DSV plans more layoffs, says market has bottomed out

DSV, the largest Scandinavian trucking and logistics company, reported a larger-than-expected decline in second-quarter earnings and lowered its full-year forecast to reflect shrinking ocean, air and road traffic.

Pretax profit at the Danish company fell to $15.7 million in the three months to June 30 from $86 million a year ago on revenue down 1.5 percent at $1.7 billion. Net profit plummeted to $1.5 million from $62 million.

DSV Chief Executive Jens Bjorn Andersen said ocean and air cargo freight rates have bottomed out and likely will stabilize at low levels.

"I don't think rates will decrease any further than they have," Andersen said.

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rookietrucker, Aug 4, 2009

rookietrucker, Aug 4, 2009

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