'In all, we have stood our ground in a very volatile environment,' said Panalpina CEO Stefan Karlen.
'In a year characterised by strained trade relations, we have increased profitability compared to the first nine months of 2017,' he said.
'We saw a market where ocean freight peak season was weaker than anticipated. The air freight rates went up, which impacted our margins as expected,' Mr Karlen.
Panalpina's air freight volumes increased four per cent in the first nine months of 2018, in line with estimated market growth of four per cent.
Panalpina's ocean freight volumes from January to September 2018 decreased two per cent year on year, compared to an estimated market growth of three per cent.
In logistics, gross profit increased four per cent to CHF254.2 million.
Panalpina operates a global network with 500 offices in 70 countries, and it works with partner companies in another 100 countries. Panalpina employs 14,000 people worldwide.