DANZAS IN RED FOR FIRST HALF MENZINGER OUT AS PRESIDENT

DANZAS IN RED FOR FIRST HALF MENZINGER OUT AS PRESIDENT

Danzas AG, a large multinational freight forwarder, said it lost 17 million Swiss francs ($14.7 million) in the first half of this year, compared with a loss of 5 million francs in the same period last year.

Revenue declined slightly in the first six months of 1995 to 3.17 billion francs, compared with 3.19 billion in the same period last year.Danzas also said its board of directors has accepted the resignation of Bernd Menzinger as president and chief executive. He will retain his seat on the board, but Peter Gross, chairman of the board, will act as president for the foreseeable future.

The Basel-based group attributed the lackluster performance to ''persistent pressure on prices and squeezed margins," along with poor conditions in financial markets.

It said most operations in Italy, Spain, and Switzerland performed well, but that in the critical German market, Danzas "is still struggling with very tight margins" in its mainstay freight-forwarding business. It's also faced with difficulties in its warehouse and distribution operations.

The German operations recorded a loss of 14 million Swiss francs, double last year's loss, it said.

On a breakdown by business segments, Danzas said that while sales rose in its European full-load and consolidation segments, the latter had not yet become profitable.

Air freight "turned in good results outside Europe," with net sales reaching 279 million Swiss francs, against 274 million a year earlier. Warehousing and distribution produced revenue of 305 million Swiss francs, up

from 183 million in the first half of 1994, the group said. Danzas said results in this segment in France and Germany showed a loss.

Net sales were down for its travel, ocean-freight, and customs-services operations. The accession of Finland, Sweden, and Austria to the European Union dealt a blow to the customs-services segment.