Spain’s Azkar improves half-year profits by 15%

Azkar, one of Spain’s largest transport and logistics groups, improved its net profits by 15.5 percent to 10.3 million euros in the first half of 2005. Its operating profit (Ebit) declined 3 per

cent to 11.3 million euros. The group, which is a major domestic parcels carrier, increasedrevenues by 8.1 per cent to 163.8 million euros, even though the number of shipments declined 1.4per cent to 6.2 million. The improvement in net profits was largely due to one-off financial gains.Azkar said it invested 16.7 million euros in the first half of the year, and expects to invest atotal of 25 million euros in 2005.