JOC Staff | Feb 22, 2013 9:14AM EST
Damco’s net operating profit fell to $55 million in 2012 from $63 million in 2011 as slimmer margins at the global freight forwarder and logistics group outweighed increased ocean and air freight traffic.
The A.P. Moller-Maersk company’s revenue grew almost 19 percent to $3.3 billion, in part because of acquisitions, but earnings before interest, tax, depreciation and amortization slipped to $101 million from $120 million.
Damco shipped 6 percent more ocean containers compared to 2011, while air freight tonnage almost doubled, reflecting the full-year impact of the acquisition of NTS, a Chinese forwarder, and strong growth in selected focus industries.
Supply chain management volume started growing again and closed the year 5 percent higher than in 2011.
Worsening market conditions and integration costs of new business exerted downward pressure on unit margin profitability, which negatively impacted the performance of the Netherlands-based company.
