Panalpina gets off to solid start in 2011

In the first quarter of 2011, the Panalpina Group reported strong double digit growth in profitability compared to the first quarter of 2010 with volume increases in air and ocean freight.


Gross profit increased by 14 percent year-on-year to US$432.46 million which, together with ongoing cost discipline, led to a jump in EBITDA to $64.93 million (Q1 2010: $11.59 million).


The growth in profitability and improvements in working capital management resulted in an operating cash flow of $125.22 million.


"Panalpina has started very solidly into the year", said CEO Monika Ribar. "We have been able to take advantage of the measures we put in place last year which have enabled us to improve our profitability. In the first quarter, gross profit grew across all segments and recorded strong increases in all regions, led by the emerging economies in Asia Pacific and Latin America."


In Q1 2011, Panalpina recorded a gross profit increase across all segments. Air Freight recorded a gross profit increase of 24 percent to $197.10 million which was driven by higher volumes of six percent and strong yields. Gross profit per tonne grew by 17 percent.


Ocean freight volume increased by two percent and gross profit grew 12 percent to $131 million resulting mainly from higher yields. Gross profit per TEU increased by 10 percent.


In the logistics segment, gross profit grew by one percent to $104.35 million.


Operating expenses of $368.7 million remained almost flat year-on-year, helped by the strong Swiss franc.
(Source:http://www.cargonewsasia.com)