DFDS, Europe’s largest short-sea freight shipping company, boosted second quarter pretax profit by 113 percent to $58 million, largely through an acquisition of a ferry operator and higher traffic in its core North Sea and Baltic markets, the Journal of Commerce reported.
The Danish group’s revenue jumped 57 percent to $591 million from $375 million within the same period. DFDS, which also provides logistics services, increased its operating profit 32 percent to $88 million, as synergies from the $475 million purchase of Norfolkline from Denmark’s A.P. Moller-Maersk in July 2010 were realized faster than expected.
DFDS raised its full year pretax profit forecast to $134.6 million from $114.4 million
“Even though growth in our markets is slowing down, this is balanced by the faster, more effective transformation of DFDS following the acquisition of Norfolkline,” said CEO Niels Smedegaard.
The Danish group’s revenue jumped 57 percent to $591 million from $375 million within the same period. DFDS, which also provides logistics services, increased its operating profit 32 percent to $88 million, as synergies from the $475 million purchase of Norfolkline from Denmark’s A.P. Moller-Maersk in July 2010 were realized faster than expected.
DFDS raised its full year pretax profit forecast to $134.6 million from $114.4 million
“Even though growth in our markets is slowing down, this is balanced by the faster, more effective transformation of DFDS following the acquisition of Norfolkline,” said CEO Niels Smedegaard.