Shaky year ahead for CEVA

CEVA announces $43 million drop in revenue for last quarter of 2008, with expectations of lean year ahead

Transport and logistics company CEVA has announced a more than $40 million drop in revenue for the last quarter of 2008, with expectations it will be a lean year as the economic crisis worsens.

The company blamed the fall $43 million fall in earnings in tax to a fall in customer volumes in the automotive and airfreight sectors.

Over the first two months of 2009, CEVA has continued to see relatively weak overall transaction volumes and reduced flows which is broadly consistent with the last quarter of 2008.

Despite the gloomy outlook, CEVA CEO John Pattullo says the company is performing well and aims to cement itself firmly in the industry.

"In our first full year as an integrated business, we have performed well in difficult trading times and believe we have the momentum and capability to drive the business forward," Pattullo says.

"We intend to achieve this by focusing on three areas: gaining market share, focused cost containment and strengthening our core capabilities."

CEVA Logistics was formed following the merger of TNT Logistics and EGL.

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