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Damco expects 4th quarter improvement

A.P. Moeller-Maersk's logistics company Damco finished the 2nd quarter 2013 with a deficit of USD 8 million, compared to a profit in the same period last year. The company expects an improvement in the 4th quarter.

Maersk-owned logistics company Damco achieved a revenue of USD 758 million in the second quarter 2013, around the same level as the 2nd quarter 2012. The result after taxes came to a deficit of USD 8 million, compared to a profit of USD 28 million in the same period 2012.

The company's half-year result looks somewhat better, with a deficit of USD 2 million, compared to a USD 35 million deficit in the same period 2012, according to a press release. The operational result before special items (EBITA) finished at USD 24 million, a bit lower than expected. According to the press release, the result was caused by the fact that Damco had more expenses related to preparing the company for future growth markets than expected.

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