SWISS logistics group Panalpina posted a 44 per cent second quarter year-on-year increase of consolidated profit to CHF24 million (US$25.83 million), drawn on revenues of CHF1.73 billion, up 3.6 per cent.
Panalpina back in black, profit up 44pc to US$25 million, sales rise 3.6pc
SWISS logistics group Panalpina posted a 44 per cent second quarter year-on-year increase of consolidated profit to CHF24 million (US$25.83 million), drawn on revenues of CHF1.73 billion, up 3.6 per cent.
"Our second quarter results show a slight recovery of our business," said CEO Peter Ulber. "All our products managed to gain market share. Ocean freight and logistics show double-digit growth in terms of gross profit, and also air freight is growing again, albeit moderately."
Panalpina's ocean freight volumes hit a new record for the second quarter. It shipped five per cent more TEU than in the same period last year, with European volumes growing 14 per cent, Americas volumes two per cent and Asia Pacific volumes three per cent. The company also experienced a 19 per cent growth in its logistics business.
Its second-quarter air freight volumes grew three per cent year on year with cargo tonnage reached 105.6 tonnes, showing "the first volume increase after nine quarters of declines and grew ahead of market", said the company statement.
Looking ahead, Mr Ulber said: "We don't expect any fundamental changes in the world economy but still anticipate a continuing recovery in our air freight business. Ocean freight as well as logistics value-added services are on track and the group's profitability is slowly recovering."