IFCO Systems has reported on a positive third quarter of 2009 that saw currency adjusted operational profitability (EBITDA) grow by 24.2 per cent to US$35.9m, boosting EBITDA margin growth from 15.5 per cent in the same period of 2008 to 19.2 per cent this year.
The international logistics service provider, which offers a number of pallet management services to the fresh produceindustry, saw adjusted revenue grow slightly (0.1 per cent) to US$186.6m, due to weak demand in Pallet Management Services brought about by the economic downturn.
Total revenues in Pallet Management Services declined in the third quarter by 11 per cent to US$80.9, while RPC Management Service revenue increased by 10.5 per cent to US$105.7m, gains achieved through organic volume growth in the group's European RPC business.
Net profit, IFCO said, significantly increased from US$2.5m in the third quarter of 2008 to US$7.3m this year.
Looking ahead, the group said that it expected the economic climate in Europe and the US to stabilise in 2010, and while its RPC Management Services business had not suffered from the downturn (due to the stability of the grocery industry), the group's Pallet Management Services operation will benefit from an improved economic climate.
