News / Business wins, but CEVA is dragged down by high finance costs and increasing debt

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CEVA this morning boasted strong volume growth in ocean freight and air freight, but revenues fell and its losses were attributable to high financing charges and growing debt.

Air freight volumes in the third quarter just outpaced the market, up 5% year-on-year, while sea freight grew 11% in the same period. However, revenues in its Freight Management division fell 1% to $935m in the quarter and fell 5% to $2.68bn in nine months.

CEVA said “revenues were impacted by the continuation of ...