The non-asset based supply chain management company recorded a net loss of $57 million for the first quarter of 2017, compared to a net profit of $3 million for the first quarter of 2016.
Hoofddorp, Netherlands-based CEVA Holdings LLC posted a net loss in the first quarter of 2017, despite higher revenues and freight volumes from the first quarter of 2016.
The non-asset based supply chain management company’s loss for the quarter totaled $57 million, compared to a net profit of $3 million for the first quarter of 2016. Revenues for this year’s first quarter totaled $1.6 billion, inching up 1.9 percent year-over-year.
The company’s freight management division posted revenues of $702 million, rising 3.2 percent from the first quarter of 2016, with airfreight and ocean freight volumes increasing 9 percent and 6 percent year-over-year, respectively.
Meanwhile, the contract logistics division’s quarterly revenues inched up 0.9 percent to $894 million compared with the same 2016 period.
During the quarter, CEVA Logistics and ANJI Automotive Logistics, China’s largest automotive logistics provider, signed definitive agreements to renew and grow their 50/50 joint venture partnership for an additional 15 years, and expand ANJI-CEVA’s business scope to non-automotive contract logistics in China, including Hong Kong.
CEVA also announced during the quarter:
• The opening of a shared-user warehouse at the new iPort intermodal logistics park on the outskirts of Doncaster in the United Kingdom;
• The expansion of its partnership with Mercedes-Benz in Brazil through new contracts and the renewal of its existing partnership;
• And a new five-year contract to manage the warehousing and distribution of Burts Potato Chips across the United Kingdom and Ireland.
CEVA posts Q1 loss despite higher revenues, volumes
