Swissport revenue up but cargo tonnage down in first half of 2019

posted on 6th September 2019 by Justin Burns
Swissport revenue up but cargo tonnage down in first half of 2019

Swissport increased its revenue by 6.1 per cent to €1.52 billion in the first half of 2019 compared to €1.43 billion in the same period in 2018.

The company’s revenue growth continued to be profitable with its operating EBITDA up 7.2 per cent to €121.9 million for the first six months of 2019.

At 115 cargo warehouses worldwide, Swissport handled 2.23 million tonnes of air freight in the first half of 2019, a fall on the 2.35 million tonnes in the first half of 2018.

The sale of the cargo handling business in France, which was successfully completed in June 2018, accounts for 2.1 per cent, of the overall 5.4 per cent volume decline.

Swissport said the remaining 3.3 per cent volume reduction are roughly in line with the 3.6 per cent contraction of the global air cargo market.

Operating cash-flow for the first half of 2019 climbed to €78.1 million, up almost four-fold compared to the same period last year (€20.2 million).

Swissport’s revenue for the second quarter ending 30 June 2019 increased to €776.5 million compared to €753.6 million for the second quarter 2018, an increase of three per cent compared to the same period in 2018.

 “Our solid half-year results were driven by profitable revenue growth and our continued efforts to further improve our cost efficiency,” said Eric Born, president and CEO of Swissport International.

“As the global aviation market now shows visible signs of a slowdown, we are implementing additional measures to safeguard earnings and to improve the Group’s profitability in the medium term.”