Swiss logistics provider Panalpina has planned to appeal against the Sfr59 million (US$65m) fine imposed by the European Commission for its anti-trust behaviour. CEO Monika Ribar has said that the amount was not justified and hence the appeal to the European General Court.
One of the reasons for Panalpina’s Q1 net loss of Sfr40.4 million, according to reports, has been ascribed to the provision for the fine. Even so, revenues went down by 6.8 per cent, to Sfr1,539.8 million. Air freight volumes decreased by 8 per cent for the logistics provider.