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            october 17, 2019

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Panalpina profit up 1pc


Swiss global forwarder Panalpina has posted a one per cent year-on-year gross profit increase from January through September to CHF1.17 billion (US$1.23 billion), drawn on revenues of CHF4.95 billion, which increased 2.6 per cent.
Air freight volume grew four per cent and ocean freight was up eight per cent year to date, but unit profitability decreased due to margin pressure and currency effects.
"We have managed to keep up profitability in the first nine months of the year," said Panalpina CEO Peter Ulber. "I am particularly pleased with our progress in logistics, where we have significantly reduced losses and are close to reaching break-even."
Logistics increased gross profit five per cent to CHF339.3 million and cut its EBIT loss of CHF26.8 million in the first nine months of 2013 to a loss of CHF 6.9 million in the same period this year.
"Our main focus has now clearly shifted to improving our performance in ocean freight," said Mr Ulber. "We already produce high volumes, but we have to reengineer processes and roll out the next generation IT platform."
Panalpina expects the air and ocean freight markets to grow by three and four per cent this year.
Ocean freight volumes increased eight per cent year on year to reach 1.2 million TEU in contrast to the 2.89 million TEU handled by fellow Swiss rival Kuehne + Nagel in the first nine months, according to Shipping Gazette.

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