SWISS forwarding giant Panalpina has posted a 739 per cent year on year profit increase to CHF86.5 million (US$89.65 million) in 2014, drawn on revenues of CHF6.7 billion, which was down 0.7pc.
Consolidated fourth quarter 2014 profit amounted to CHF17.3 million, up from a loss of CHF50.6 million recorded in the same quarter the previous year.
"In 2014, we executed on our clearly laid out strategy. This shows in the results we achieved," CEO Peter Ulber said in a company statement.
"Streamlining in ocean freight continues, which is a crucial prerequisite for the large-scale and complex transition to our new business platform SAP TM in 2015. We are satisfied with the achieved growth in air freight and particularly pleased with the turnaround in logistics."
The company's air freight volumes grew four per cent last year as air cargo rose from 825,100 tons in 2013 to 857,800 tons in 2014.
Gross profit per ton decreased three per cent year on year to CHF742 in 2014, however, gross profit stayed stable at CHF636.3 million (2013: 631.4 million).
Ocean freight volumes grew seven per cent year on year, with the company transporting 1,606,500 TEU in 2014 (2013: 1,495,400 TEU).
The division posted an EBIT of CHF12.9 million, down from CHF25 million in 2013. The decrease in 2014 EBIT was mostly attributable to the costs of streamlining operations and continuous investments in IT.
The logistics unit reduced its EBIT loss to CHF8.2 million in 2014, down from a loss of CHF49.9 million the previous year. The company said this was due to "parting with a number of loss-making facilities and unprofitable road activities."
Looking ahead the company expects the air freight market to grow by three to four per cent and the ocean freight market by four to five per cent this year. It aims to outperform the market in all segments.
WORLD SHIPPING
05 March 2015 - 20:21
Panalpina profit up 740pc in 2014 to US$89.65 million on flat sales
SWISS forwarding giant Panalpina has posted a 739 per cent year on year profit increase to CHF86.5 million (US$89.65 million) in 2014, drawn on revenues of CHF6.7 billion, which was down 0.7pc.
WORLD SHIPPING
05 March 2015 - 20:21
Panalpina profit up 740pc in 2014 to US$89.65 million on flat sales
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