SWISS global forwarder Panalpina has posted a 10 per cent first quarter year-on-year consolidated profit increase to CHF19.6 million (US$20.2 million), drawn on revenues of CHF1.5 billion, which fell six per cent.
Quarterly operating profit increased three per cent to CHF25.3 million, helped by a positive quarter in logistics, with ocean freight growing five per cent and air freight rising one per cent.
"Earnings were up, despite headwinds from a strong Swiss franc and a slowdown in volume growth in air freight," said Panalpina CEO Peter Ulber.
"With the economic environment weaker than expected and uncertainties around the development of the oil price, the market is difficult to read," he said.
"We will focus on strategy execution as we transform our business. Overall, we remain cautiously optimistic and expect to grow in line with the market in air freight and outperform the market in ocean freight," Mr Ulber said.
Panalpina air freight volumes grew one per cent against a market growth of 3.5 per cent, mainly because of by lower automotive volumes. Gross profit per ton decreased four per cent to CHF722 (Q1 2014: CHF 754).
With high-volume contracts, Panalpina's ocean freight volumes grew five per cent year on year above a market growth of three per cent. Gross profit per TEU fell eight per cent to CHF308 (Q1 2014: CHF333) but was up sequentially (Q4 2014: CHF297), resulting in a gross profit of CHF119.1 million (Q1 2014: CHF122.7 million).
Ocean Freight posted an operating profit of CHF4.5 million, compared to CHF3.9 million the year before.
"The company's exit from underperforming sites meant that the gross profit of the group's logistics product decreased three per cent to CHF104.7 million (Q1 2014: CHF107.8 million), but EBIT turned positive with a profit of CHF1.2 million for the first quarter of 2015 (Q1 2014: negative EBIT of CHF5.5 million).
Based in Basel, Panalpina operates through 500 offices in 70 countries and works with partner companies in a further 90 countries. Panalpina employs 16,000 people worldwide
WORLD SHIPPING
24 April 2015 - 08:50
Panalpina quarterly profit up 10pc to US$20.2 million as revenue slips
SWISS global forwarder Panalpina has posted a 10 per cent first quarter year-on-year consolidated profit increase to CHF19.6 million (US$20.2 million), drawn on revenues of CHF1.5 billion, which fell six per cent.
WORLD SHIPPING
24 April 2015 - 08:50
Panalpina quarterly profit up 10pc to US$20.2 million as revenue slips
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