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DHL Global Forwarding air profits falls 10.6pc as sales rise 5.7pc
GERMANY's DHL Global Forwarding's second quarter air freight gross profits fell 10.6 per cent year on year to EUR210 million (US$246 million), drawn on revenues of EUR1.1 billion, which increased 5.7 per cent.
The Deutsche Post-owned forwarder said the overall air cargo market is estimated to have increased by 9-10 per cent during the period.
But air cargo profits declined because of a lag between time rates are increasing and a forwarder's ability to pass these price increases onto customers.
Air freight rates in Asia remained nearly unchanged at a level comparable with the peak season of the fourth quarter of the previous year.
"Due to our contract structures air freight price increases can only be passed on to customers with a delay," said the company statement.
"As a result, revenue for the first half of 2017 only rose by 6.3 per cent and air freight gross profit fell despite increased volumes," it said.
The Deutsche Post-owned forwarder said the overall air cargo market is estimated to have increased by 9-10 per cent during the period.
But air cargo profits declined because of a lag between time rates are increasing and a forwarder's ability to pass these price increases onto customers.
Air freight rates in Asia remained nearly unchanged at a level comparable with the peak season of the fourth quarter of the previous year.
"Due to our contract structures air freight price increases can only be passed on to customers with a delay," said the company statement.
"As a result, revenue for the first half of 2017 only rose by 6.3 per cent and air freight gross profit fell despite increased volumes," it said.
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