Supply chain management company CEVA Logistics on Tuesday said revenue grew 2 percent to EUR1.71 billion (USD2.22b) for the three months ending on 31 March 2012 from EUR1.69b in the corresponding period last year.
Contract Logistics revenues increased 3 percent in the first quarter driven by an excellent performance from the automotive sector, particularly in Asia and North America, as well as strong year-on-year growth in the Industrial sector. In Freight Management, where revenues were flat overall, Ocean freight performed well following significant management focus in 2011, while disappointing Airfreight performance mirrored a difficult quarter experienced by the broader airfreight market.
"Even in these more difficult markets, CEVA continues to make progress. Our Ocean business performed well and we continued to make solid gains in Contract Logistics driven by excellent performance from the Automotive and Industrial sectors. The Airfreight market continues to be challenging, with CEVA’s performance mirroring that of many of our competitors," said John Pattullo, CEVA Logistics CEO.
(Source: CEVA Logistics)