DSV’s profit soars, eyes takeovers

DSV’s profit soars, eyes takeovers Danish freight forwarder and logistics group DSV A/S posted a two-fold increase in first quarter net profit to 640 Danish Krone ($136 million), from DKr 214 million in the same period last year.
   DSV’s quarterly earnings before interest and taxes (EBIT) rose 120 percent to DKr 821 million ($175 million) despite flat revenue of DKr 8.52 billion ($1.81 billion).
   The Brondby-based company maintained its expectations for the full year 2008 given in its 2007 annual report, which forecasts net profit in 2008 of Dkr 1.53 billion, EBIT of Dkr 2.22 billion and revenue of Dkr 34.58 billion.
   The company also hinted that it is on the acquisition trail, although it wouldn’t say whether dialogue “with a number of transport and logistics companies, including large and medium sized market players” will result in anything concrete.
   “The strategy of DSV is to play a proactive role in the ongoing consolidation of the transport and logistics sector. Group management considers DSV to have both operative and financial strength and that it would be natural for the company to play an active role in the consolidation of the sector,” DSV said in its first quarter report.