Danish freight forwarder DSV enjoyed a robust third quarter, with operating profit before special items of US$126 million, up from $107.5 million during the same period last year. For the nine-month period ending Sept. 30, the rising forwarder saw a 17 percent increase in operating profit, year-over-year, to just short of $340 million.
Net revenue of $18.5 billion for Q3 was up from $18.14 billion in 2014, and airfreight traffic increased 10 percent, well outpacing market growth of less than one percent, to 88,273 tonnes, compared to 80,517, year-over-year.
DSV has been in the news of late, due to its offer to acquire struggling U.S.-based 3PL, UTi Logistics. The offer of $1.35 billion has been questioned by several financial analysts and investors as being undervalued. However, Jens Bjørn Andersen, the CEO of DSV, said the transaction is expected to be approved by the UTi shareholders and the relevant authorities during the first quarter of 2016. “It is the largest business acquisition ever in the history of DSV, and we look forward to offering customers an even stronger network.”
Andersen said the Air and Sea divisions, combined, delivered 24 percent growth in operating profit, which may allow DSV to raise its overall performance outlook for 2015.
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