Damco EBIT up 6pc in first 9 months to US$76 million, sales up 11pc

DAMCO, the standalone Maersk forwarding and logistics provider, has posted a six per cent year-on-year increase in EBIT during the first nine months of 2012 to US$76 million, drawn on an 11 per cent increase in revenue.

So far this year, the company's ocean freight volumes have risen by seven per cent year on year, while air freight volumes are up by 122 per cent (including the effect of the NTS acquisition). Supply Chain Management volumes increased by five per cent.

In the third quarter, Damco completed the acquisition of Pacific Global Networks to boost its position in Australia, mainland China and Hong Kong. It is also relocating its headquarters from Copenhagen to The Hague, which will take place in the first quarter of 2013.

"We have in this period further strengthened the foundation of our business and our results underline that we are moving in the right direction," said CEO Rolf Habben-Jansen. "We are satisfied with our Q3 results, as whilst the overall figures are impacted by one-off costs related to the acquisition of Pacific Network Global Logistics and the relocation of our HQ to The Hague."

The logistics subsidiary of AP Moller-Maersk will relocate to the more central Europe location of the Hague, in the Netherlands by February 1.