International logistics service provider IFCO Systems has announced that currency-adjusted operational profitability grew by 11 per cent in the second-quarter of 2009, up to US$30.5m (€21.4m).
However, overall currency-adjusted group revenues fell 2.1 per cent on a year-on-year basis, down to US$184.9m (€129.7m), a result of weaker demand in pallet management services. Despite the overall drop, RPC management service revenues grew 12.2 per cent to US$94.6m (€66.4m) in the second quarter.
Net profit decreased from US$4.7m (€3.3m) in 2008 to a net loss of US$4.4m (€3.1m) this year, entirely due to the one-time effects of the comprehensive refinancing undertaken through the quarter.
In the first quarter of the year, the group reported that revenue increased 1.2 per cent to US$169.9m (€125m) on a year-on-year basis, with net profit increasing by 80.8 per cent (or US$1m) to US$2.3m (€1.69m).
Looking ahead to the rest of the year, IFCO said that it is anticipating a bumpy ride with an ultimately successful result.
'As the financial crisis that unfolded in 2008 spreads to the worldwide economy, it is expected that the global environment will be very challenging in 2009,' the group said in a statement. 'While IFCO Systems anticipates that the economy in both Europe and the US, its two key markets, to decline overall in 2009, it is expected that these economies will begin to recover in 2010.
'Although the economic environment in 2009 will remain uncertain for a large part of the year, IFCO Systems believes that the above described trends will result in increased revenues and profitability in 2009 as compared to 2008'
