By Nick PintoPublished Mar 07, 2018 04:03:03German logistics tracking company EKart logistics tracking is losing its value.
The company reported a 3% drop in sales in the first quarter of 2019, while the company is still losing money.
The company has been losing money for several years now, and this latest drop in revenue is expected to have a bigger impact on its future than expected.EKart said in a statement that the company has seen a decline in its sales of about 3% compared to the same period last year.
“The drop in volume for the quarter is primarily attributable to the fact that we are unable to make new sales in 2019,” the statement reads.
However, the company said that this is expected by analysts to be partially offset by the fact the growth of its ecommerce business will pick up this year.
“We expect to see a positive increase in new product orders in 2019, and we are optimistic that we will continue to have strong growth in this market,” the company wrote.
Ekart’s biggest competitor, the German-based logistics company Otto, also saw a big decline in sales during the first three months of 2019.
In the first nine months of the year, Otto reported an operating loss of 1.7 billion euros ($1.9 billion).
This was the second consecutive quarter of a loss for Otto, and its fifth consecutive year of losses.
The company also reported a loss of about 910 million euros ($1088 million) for the year.
In contrast, EKArt reported a profit of 1 billion euros.
The biggest competitor to EKarts, the Austrian logistics company Neukirchen, saw its sales grow by more than 30% in the period.
Ekarts is also the biggest logistics company in Europe, operating in nearly 50 countries, and has a market share of more than 90%.
Neukirche, which was founded in 1994, has more than 50,000 employees in 40 countries, including in China, Brazil, South Africa, the United Arab Emirates, India, South Korea, and Australia.
The firm has a strong track record in logistics.
Last year, Neukirch’s logistics network was ranked as the most productive in Europe.