News / CEVA has a tough road ahead, but CEO denies lack of cash will drag it down

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CEVA, which last week announced a profit of $205m for the second quarter, has been moved to deny industry rumours that it lacks cash and that its new investors will want quick returns.

The company enjoyed a financial gain of $277m following its May restructure, but continues to suffer from the weak freight market. Revenue fell 7.4% year-on-year, to $2.1bn, while EBITDA fell 10.1% to $80m. Its freight forwarding business saw revenue fall 11.7% to $951m, underperforming the market, in part ...