Danzas interim profits double

PUBLISHED : Friday, 28 August, 1998, 12:00am
UPDATED : Friday, 28 August, 1998, 12:00am

Danzas Holding has reported a doubling of first-half profit, beating analysts' estimates, because of cost cuts and increasing transport demand.

Net income climbed to 28 million Swiss francs (about HK$143.9 million) in the six months to June 30, from 11 million francs last year, the company said. Analysts were expecting income of 20 to 23 million francs.

European transport companies, such as Danzas and its main Swiss rival Kuehne & Nagel International, are benefiting from growing global demand for transport of goods. The World Trade Organisation said that even though growth in demand is poised to slow from last year's 9.5 per cent, it will still be better than the 6 per cent average of the early 1990s.