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CEVA Logistics reports 4.7% drop in Q2 revenue as losses narrow 10 September 2020

Contract logistics revenues down 20.6% in Q2 as air freight revenues increased 54.5%

CEVA Logistics has reported a 4.7% drop in Q2, 2020 revenues to US$1,730.0 million, as EBITDA increased 4.8% to US$153.0 million. Operating income increased 25.0% to US$40.0 million. Losses for the period narrowed to just US$1.0 million, from US$32.0 million in Q2, 2019.

Freight management revenues in Q2, 2020 were US$1,015.0 million, 49.2% of which were air freight, with ocean freight accounting for 28.4%. Freight management revenues were down 9.7% on the same period of 2019, as ocean freight revenues fell 7.3% and air freight revenues climbed 54.5%. Contract logistics revenues in the period were US$714.0 million, down 20.6%.

The Company recorded a 1.9% drop in H1, 2020 revenues to US$3,446.0 million, as EBITDA increased 9.8% to US$290.0 million. Operating income increased 52.6% to US$58.0 million. Losses for the period almost halved to US$36.0 million, from losses of US$70.0 million in H1, 2019.

Freight management revenues in H1, 2020 were US$1,881.0 million, 44.6% of which were air freight, with ocean freight accounting for 30.6%. Freight management revenues were up 9.7% on the same period of 2019, as ocean freight revenues fell 5.6% and air freight revenues climbed 31.8%. Contract logistics revenues in the period were US$1,565.0 million, down 13.1%.

The Group has an investment totalling US$92.0 million as at 30 June 2020 (31 December 2019: US$100.0 million), being a 50.0% interest in ANJI-CEVA Logistics Co. Ltd (‘Anji-CEVA’). Anji-CEVA principally engages in contract logistics activities, including warehousing, distribution, transportation, domestic freight, technical consulting and training. For the six months ended 30 June 2020, CEVA’s share in Anji-CEVA’s net result was a US$5.0 million loss (six months ended 30 June 2019: US$5.0 million profit). Anji-CEVA’s results were significantly impacted by the Coronavirus crisis in China, which led to the closure of most of its operations for several weeks during the first quarter, notably as a result of the shutdown of many customer facilities in the Chinese car industry.