Panalpina quarterly profit up 15.6pc to US$19 million as sales rise 4.9pc
SWISS global forwarding giant Panalpina's first quarter consolidated profit increased 15
SWISS global forwarding giant Panalpina's first quarter consolidated profit increased 15.6 per cent year on year to CHF19.2 million (US$19.02 million), drawn on revenues of CHF1.48 billion, up 4.9 per cent.
Year-to-date operating profit (EBITDA) was up 5.7 per cent year on year to CHF68.1 million, the Basel-based company declared.
'In the first quarter of this year, Panalpina generated 15 per cent more EBIT and profit than in the same period of last year,' said CEO Stefan Karlen.
'We improved profitability despite a challenging market environment and during a time when considerable management resources were absorbed by the M&A topic. This demonstrates the underlying quality and strength of our organisation.'
'Since the news of DSV taking over Panalpina broke, circumstances and o give any sort of outlook is constrained by legal restrictions,' Mr Karlen said.
Air freight volumes increased eight per cent in the first quarter of 2019. Compared to the same period of last year, gross profit per ton decreased 10 per cent to CHF666, while overall gross profit decreased to CHF173.1 million.
EBIT in air freight decreased from CHF26.9 million to CHF24.9 million. The EBIT-to-gross-profit margin came in at 14.4 per cent compared to 15.1 per cent the year before.
Ocean freight volumes decreased three per cent year-on-year and gross profit per TEU decreased two per cent to CHF296, bringing gross profit to CHF102.9 million. For the first quarter of 2019, Ocean freight recorded an EBIT of CHF300,000, compared to a loss of CHF5.8 million a year before.
Logistics gross profit decreased two per cent to CHF82.1 million year on year while EBIT reached CHF2.9 million for the first three months of 2019, compared to CHF3.4 million for the same period of last year.