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DHL Global Forwarding Q3 volume slump 13pc, revenue down 10pc
DHL's forwarding and freight unit, DHL Global Forwarding, saw airfreight volumes slip 13.2 per cent to 896 million tonnes in the third quarter of the year compared to the same period last year.
Air revenues for the three-month period were down by 10.1 per cent to EUR1.2 billion (US$1.3 billion), according to aircargonews.
"The main reason for this development, alongside the weak market environment, is the division's selective market strategy," the company said. "To counteract the decrease in margins, we withdrew from some major transactions and volumes dropped accordingly."
The decline in airfreight volumes for the period is larger than that of its European rivals, although it maintains its position as market leader.
Kuehne + Nagel recorded a 5.1 per cent increase in third quarter airfreight volumes, DSV saw a 9.6 per cent jump, Panalpina netted a 2.8 per cent decrease and CEVA noted a 4 per cent decline.
The airfreight market is estimated to have remained flat or increased by up to 1 per cent during the period.
The overall DHL forwarding business recorded a 5.7 per cent decrease in third-quarter revenues to EUR3.6 billion, while earnings before interest and tax slipped to a loss of EUR337 million against a EUR71 million profit last year because it wrote off EUR345 million as it abandoned an IT project.
Air revenues for the three-month period were down by 10.1 per cent to EUR1.2 billion (US$1.3 billion), according to aircargonews.
"The main reason for this development, alongside the weak market environment, is the division's selective market strategy," the company said. "To counteract the decrease in margins, we withdrew from some major transactions and volumes dropped accordingly."
The decline in airfreight volumes for the period is larger than that of its European rivals, although it maintains its position as market leader.
Kuehne + Nagel recorded a 5.1 per cent increase in third quarter airfreight volumes, DSV saw a 9.6 per cent jump, Panalpina netted a 2.8 per cent decrease and CEVA noted a 4 per cent decline.
The airfreight market is estimated to have remained flat or increased by up to 1 per cent during the period.
The overall DHL forwarding business recorded a 5.7 per cent decrease in third-quarter revenues to EUR3.6 billion, while earnings before interest and tax slipped to a loss of EUR337 million against a EUR71 million profit last year because it wrote off EUR345 million as it abandoned an IT project.
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