SWISS forwarding giant Panalpina has posted a 60 per cent year-on-year pretax profit increase to CHF48.3 million (US$54.1 million) in the third quarter, drawn on revenues of CHF1.7 billion, down 0.8 per cent.
Asia Pacific profit was up five per cent to CHF83 million while the Americas showed an earnings increase of three per cent to CHF121 million.
"The economic environment remains fragile and we don't expect it to be more dynamic in the last quarter," said Panalpina CEO Peter Ulber.
But in the third quarter the company outperformed the market with ocean freight rising eight per cent to CHF129 million and air freight up one per cent to CHF161 million.
"With the backdrop of a continuously slow market, our results for the third quarter are in line with expectations," Mr Ulber said.
During first nine months, Panalpina made a profit of CHF62 million when it paid anti-trust fines of CHF59.2 million in the first quarter following a US civil class action suit. In the third quarter, it also paid out CHF12.7 million in salaries for redundancies.
Quarterly ocean freight performance gained on strong volumes from consumer and retail, automotive, manufacturing, high-tech with oil and gas creating a new volume record. Low carrier rates resulted in a one per cent loss per TEU year on year.
Air freight gains were with chiefly made on above average oil and gas demand.
Profit grew nine per cent to CHF$198 million from Europe, the Middle East and Africa. Asian export volumes to Europe grew after a weak start to the year with intra-Asia showing growth as well.
Panalpina's logistics division recorded further profit growth as it continued to expand its footprint in value-added services.
WORLD SHIPPING
27 October 2013 - 19:45
Panalpina quarterly pre-tax profit up 60pc to US$54 million on flat sales
SWISS forwarding giant Panalpina has posted a 60 per cent year-on-year pretax profit increase to CHF48.3 million (US$54.1 million) in the third quarter, drawn on revenues of CHF1.7 billion, down 0.8 per cent.
WORLD SHIPPING
27 October 2013 - 19:45
Panalpina quarterly pre-tax profit up 60pc to US$54 million on flat sales
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