April 30, 2020 / 5:51 AM / a month ago

Freight forwarder DSV to cut costs as virus hits global trade

COPENHAGEN, April 30 (Reuters) - The world’s fourth-largest freight-forwarder DSV Panalpina on Thursday said it would cut costs by 1.4 billion crowns ($203.9 million) in response to the new coronavirus which has severely hit global trade.

Its first-quarter operating profit before special items rose 7.6% to 1.57 billion Danish crowns ($228.66 million), above an average forecast by analysts of 1.42 billion in a poll.

The virus outbreak negatively impacted the result by 250 million crowns, it said. ($1 = 6.8662 Danish crowns) (Reporting by Stine Jacobsen; Editing by Himani Sarkar)

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