Damco Boosts Profit 89 Percent

Damco Boosts Profit 89 Percent

Damco, the logistics arm of A.P. Moller-Maersk Group, improved pre-tax earnings 89 percent to $85 million in 2010 before restructuring and other one-off charges.

“We are pleased with our result for 2010, having improved significantly for the second year in a row. We have continued to gain market share versus most of our main competitors whilst improving customer satisfaction and further strengthening our relative cost position,” CEO Rolf Habben-Jansen said in a statement.

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In 2010 Damco handled 610,000 20-foot equivalent units of sea freight, up 43 percent from the previous year. It handled 1.695 billion cubic feet of supply chain management corresponding to approximately 2 million TEUs, up 18 percent compared to 2009. It also handled 75,000 metric tons of air freight, 24 percent higher than 2009. The increased volumes resulted in an increase in revenue to $2.7 billion compared to $2.2 billion the year before.

-- Contact Thomas L. Gallagher at tgallagher@joc.com.