Panalpina first quarter profit up 14pc to US$424 million

SWISS forwarding giant Panalpina posted 14 per cent first quarter year-on-year gross profit increase to CHF373 million (US$424 million) drawn on a four per cent increase in revenue to CHF1.6 billion.


Pre-tax operating profit per air cargo ton was up 24 per cent to CHF170 million while profit per TEU on ocean freight was up 12 per cent, producing gross profits of CHF113 million, driven by higher yields rather than volumes. Logistics gross profit increased one per cent to CHF90 million.


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 profitability. Gross profit grew across all segments and recorded strong increases in Asia Pacific and Latin America."


The UK's Transport Intelligence also reported that Ms. Ribar said she retain the company's earlier forecasts of a five to six per cent increase in air cargo volume in 2011 and a six to seven per cent rise in ocean freight.
(Source:http://www.schednet.com)