Panalpina consolidated profit up 31pc to US$75.9 million, sales up 9pc
SWISS forwarding and logistics giant Panalpina 's consolidated profit increased 31
SWISS forwarding and logistics giant Panalpina 's consolidated profit increased 31.6 per cent year on year in 2018 to CHF75.7 million (US$75.9 million), drawn on revenues of CHF6.03 billion, an increase of 9.04 per cent.
'Panalpina performed strongly overall in 2018, which was another year with a very dynamic market environment,' said Panalpina CEO Stefan Karlen.
Air freight growth rates were strongest in the first quarter of the year, but markets slowed down in later quarters, he said.
'In ocean freight, we improved EBIT with every quarter, and even though a small loss still resulted for the full year, we achieved the turnaround. Logistics delivered an excellent EBIT result,' Mr Karlen said, also noting that it hit CHF118.4 million, up 15 per cent year on year.
Logistics gross profit increased three per cent year on year to CHF341.9 million, posting the highest EBIT ever at CHF11.9 million.
Said Mr Karlen: 'In 2019, the highlight will be the launch of the new portal that fully digitises our customer offerings in a modern, engaging manner. In the long term, this portal will enable customers to manage their supply chain needs proactively in a self-service mode.'
The Panalpina Group operates a global network with some 500 offices in 70 countries, and works with partner companies in another 100 countries. Panalpina employs 14,500 worldwide.