No statistics on Q3, but Damco posts 8pc profit growth in first 9 months

DAMCO, the Maersk group's stand-alone forwarder, has posted a year-on-year gross profit increase of eight per cent to US$567.7 million for the first nine months of 2011, drawn on a six per cent rise in revenue to $2.15 billion.

But apart from the press release saying that Damco had a "positive third quarter in difficult market", there were only statistics available for the first nine months in the press release announcing financial results.

"The traditional annual peak season in Q3 was rather muted this year. Our result for the quarter is quite satisfactory given these difficult market conditions and the conscious investments we made in growth," said Damco CEO Rolf Habben-Jansen.

Year-to-date, Damco's ocean freight volumes increased 14 per cent compared with the same period in 2010, "well above the market average", said the release.

Air freight tonnage increased by 23 per cent in the first nine months compared to the same period of 2010, "which was above the general market", the company statement said.

But supply chain management volumes were down three per cent than in the same period in 2010 due to relatively weak consumer demand in North America and Europe.

"We continue to invest in growth, focused on selected industry verticals and on the high growth markets. The response from our customers on this has been positive, [reaching] an all-time high in 2011 and by a large number of new business contracts being concluded," Mr Habben-Jansen said.

Damco is a third party logistics provider specialising in customised freight forwarding and supply chain solutions. The company has 10,500 employees in over 280 offices across 90 countries and representation in 120 countries in Africa, Asia, Australia, Europe, North America, Middle East and Latin America. In 2010, the company had a net revenue of US$ 2.7 billion, managed more than 2.4 million TEU of ocean freight and supply chain management volumes and air freighted more than 75,000 tons.