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More business but lower profits for Damco

In 2012, Damco was busier than in the preceding year, the logistics company’s results show, but the profits have not been able to keep up.

Damco has grown in 2012 which is reflected in the company’s results showing a turnover growth of 19 percent compared to 2011 reaching USD 3,272 million whereas the company’s profits dropped by 4 percent from USD 97 million to USD 93 million.

According to Damco, the drop in profits is a result of worsened market conditions, increased costs to the implementation of new business areas, a restructuring of the company’s European structure and the relocation of the headquarter from Copenhagen to The Hague.

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