DSV, the Danish logistics and freight forwarding group, reported first quarter revenue stalled at $1.93 billion as lower sea and air traffic, along with freight rates, offset a stronger performance at its trucking unit.
Operating profit before special items grew 5.1 percent to $99.1 million, but pre-tax profit almost halved to $39.8 million from $76.2 million in the 2010 period after a $44.8 million restructuring charge.
Sea freight volume dipped 4 percent while the market grew 3 to 4 percent, and air cargo traffic was down 4 percent in line with a 4-5 percent market decline. Trucking volume, by contrast, grew 3 percent in a stagnant market.
DSV said its key focus going forward is to boost its share of the sea freight market.
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