DSV, Scandinavia's biggest trucking and logistics company, reported 2008 net profit gained 15 percent from a year ago on strong growth in ocean and air freight volumes and a one off gain on selling a stake in a Norwegian transport business.
The Danish group also plans a $275 million capital increase.
Net income rose to $218 million from $200 million in 2007 as revenue climbed to $6.8 billion from $6.35 billion.
The higher profit was due mainly to a $79.5 million gain from the sale of stock in Norway's Tollpost Globe to the Swedish post office.
Thanks to acquisitions and divestments last year "all DSV divisions are stronger today than ever before," said CEO Jens Andersen.
DSV become a major pan-European logistics player last year with the $1 billion acquisition of Belgium's ABX Logistics. Earlier this year it bought a 25 percent stake in Denmark's DFDS, a leading European short-sea container and roll on/roll off shipping company.
DSV's air and sea unit had its best ever year in 2008 with profit rising to $165 million from $126 million on revenues $822 million higher at nearly $2.5 billion.
The company said it is budgeting for profit to fall to around $90 million this year but expects revenue to rise to $8 billion.
The air and sea unit is expected to generate sales of $3.8 billion on ocean volume of 850,000 TEUs and 215,000 tonnes of air freight.
Source:http://www.joc.com