Panalpina profits off 13pc, but quarterly volumes strengthen

SWISS logistics giant Panalpina has reported that first quarter profits declined 13 per cent year on year, but increased five per cent from one quarter to the next.

The company also reported strong volumes in both air, up 24 per cent, and ocean freight, up 22 per cent, against the results of the same quarter last year. Profitability per unit of cargo was still under pressure but has been improving, said a company statement.

"We are glad to see the gradual recovery of the global markets continuing and our freight volumes picking up," said CEO Monika Ribar. "We are well on track with the implementation of our procurement and sales initiatives, managed to keep our costs at low levels and significantly increased productivity."

"Our volumes have been starting to outpace the market again and I am confident that we will also see our profitability improving further in the coming months", she said.

(Source: www.schednet.com)