ASG REPORTS LOSS UNDER DANZAS OWNERSHIP
ASG, the Swedish forwarding and logistics group acquired by Danzas,
reported a net loss of 319 million Swedish krona ($38 million) for the first nine months
of the year.
The loss compared with a net profit of SKr73 million for the
corresponding period of last year.
The deficit was caused by restructuring costs of SKr395 million ($47
million) mainly related to the cost of integrating with Danzas, in particular the change
of forwarding partners, and expenses concerning a profit improvement program.
The operating result for the nine months was a deficit of SKr399
million ($$47 million), compared to an operating profit of SKr81 million in the same
period of last year.
Net sales for the period increased to SKr9.24 billion ($1.09 billion,
from SKr8.71 billion in the first nine months of last year.
ASG said that its road transport, logistics and specialist companies’ activities reported
lower earnings, but sea and air forwarding improved its profits.
The sea and air business reported an operating profit of SKr15 million
($2 million) on sales of SKr1.83 billion ($216 million), as compared to a profit of SKr14
million on sales of SKr1.53 billion last year.