FedEx Corp reported a net profi t of $2.02 billion for fi scal year ended May 31, up 12 percent from the $1.81 billion earned in the yearearlier period. The company credited the result to "strong" volume growth at its FedEx Ground segment and "continued" revenue growth for FedEx Express International Priority products. Chairman, president and CEO Frederick Smith called the profi t"solid", but added that thecompany was "restrained bya slowing US economy. … [Read more...] about FedEx net profit up 12 percent
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DHL buys stake in ASTAR Air Cargo
DHL has acquired a 49 percent minority equity interest and a 24.9 percent voting interest in Miami-based ASTAR Air Cargo. DHL also extended its ACMI contract with the carrier through 2019. The fi nancial terms of DHL’s investment in Astar were not disclosed. DHL has contracted under its current ACMI arrangement with Astar for air transportation services since 2003, when an investment group led by Astar chairman, president, and CEO John Dasburg purchased Astar. Astar operates a fl eet of 44 … [Read more...] about DHL buys stake in ASTAR Air Cargo
time~matters opens new branch offices
time:matters said it has opened a new branch offi ce in Vienna, which will also provide services to Slovakia and Slovenia; and a new sales offi ce in Shanghai. Following Switzerland, Austria is the second European country in which time: matters is represented by a subsidiary. The Shanghai offi ce is the company’s second branch in East Asia – the fi rst being in Manila. The goal of the sales activities in China is to utilise the Chinese market’s dynamic growth to … [Read more...] about time~matters opens new branch offices
DHL opens larger facility at Kansai
DHL has inaugurated its new 5 billion yen (US$41 million) expanded facility at Kansai International Airport, part of the express company’s commitment to invest almost 11 billion yen in Japan in the next few years. The 10,100 sqm DHL Kansai International Airport Gateway, located at the International Cargo Warehouse C, is the largest facility operated by an international express company at the airport. … [Read more...] about DHL opens larger facility at Kansai
Temasek buys into India’s First Flight
Singapore governmentowned investment company, Temasek has taken a 27.74 percent equity stake in First Flight, a courier and express delivery company based in Mumbai, India. The deal is reported to be valued at Rs 107.5 crore. The funds raised by the transaction would enable First Flight to expand its aviation and warehousing businesses. Established in 1988, First Flight offers traditional courier services, as well as surface and air cargo services. … [Read more...] about Temasek buys into India’s First Flight
DHL eyes bigger piece of Exel-Sinotrans
Deutsche Post World Net (DPWN) has expressed interest in acquiring Sinotrans’stake in the Exel-Sinotrans Freight Forwarding joint venture, Xinhua news agency reported. This follows a Reuters report that Sinotrans is currently revisiting its corporate strategy and plans to shift key assets into its Hong Kong unit. Industry speculation is further fuelled by reports in April that Sinotrans’ CEO indicated an interest in selling the company’s stake in the joint venture. Half of … [Read more...] about DHL eyes bigger piece of Exel-Sinotrans