15 November 2016

[151116.EN.BIZ] DSV Profit Up 18pc to US$147 Million as Sales Rise 37pc on UTi Takeover

DANISH trucker and forwarder DSV's third quarter operating profit increased 18 per cent year on year to DKK1 billion (US$147 million), drawn on revenues of DKK17.2 billion, up 37.3 per cent.

"We are keeping momentum in the UTi integration process, and all three divisions have delivered solid growth," said CEO Jens Bjorn Andersen, referring to the buyout of the Long Beach-based forwarder.

The 84 per cent surge in ocean traffic to 345,463 TEU from 220,598 TEU in the third quarter of 2015 was mainly driven by benefits from the acquisition of UTi Worldwide, DSV said.

The US unit was also the key driver of the near 57 per cent growth in air freight to 147,744 tonnes (162,859 tons) from 80,080 tonnes a year earlier.

Nine-month ocean traffic overall was 51.5 per cent higher at 976,380 TEU and air freight volume rose almost 85 per cent to 422,123 tonnes.

The road transport unit boosted net revenue by almost 18 per cent to DKK7.1 billion, with Uti again making a major contribution.

DSV said it's on target to achieve the DKK1.5 billion annual synergies from the acquisition of the US firm.

The company upped its forecast for full-year operating profit to DKK3.4 to DKK3.5 billion from DKK3.3 to DKK3.5 billion previously.

"We have given ourselves three years to complete the integration of UTi [acquired in early 2016], but expect most of the work to be done by end-2017," Mr Andersen said.

Source : HKSG.

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