Panalpina improves profitability in Q1
International freight forwarding and logistics company Panalpina continued to gain market share in air and ocean freight in the first quarter of 2014.
June 1, 2014
International freight forwarding and logistics company Panalpina continued to gain market share in air and ocean freight in the first quarter of 2014. From January to March, Panalpina’s volumes in both air and ocean grew by six per cent while EBIT in the same period increased almost a third to CHF 24.5 million (US$27.8 million).
“We had a decent start into 2014,” says Panalpina CEO Peter Ulber. “In the first three months of the year, Air and Ocean Freight showed continued growth ahead of the market and in Logistics we made progress in reducing the losses. Group EBIT and EBIT-to-gross profit margin increased both year-on-year and quarteron- quarter.” Group gross profit increased five per cent to CHF 384.3 million, reaching the highest first quarter level since the financial crisis.
Panalpina’s Air Freight volumes grew six per cent in the first quarter, ahead of the market (+four per cent). Gross profit per tonne decreased one per cent to CHF 754 (Q1 2013: CHF 763). As a result, Air Freight gross profit reached CHF 153.7 million (Q1 2013: CHF 146.4 million). Air Freight achieved an EBIT of CHF 26.0 million (Q1 2013: CHF 22.2 million).
Panalpina’s Ocean Freight volumes meanwhile, also grew six per cent year-onyear, while the market only grew three per cent. Volumes out of Asia, particularly to North America and Europe, slowed and gross profit per TEU of Ocean Freight decreased one per cent to CHF 333 (Q1 2013: CHF 338).