Panalpina: Stable profits in challenging enviro
International freight forwarding and logistics company Panalpina has kept profitability stable in the first half of 2015 despite what it said was a “challenging environment”.
August 31, 2015
International freight forwarding and logistics company Panalpina has kept profitability stable in the first half of 2015 despite what it said was a “challenging environment”. While the group’s gross profit decreased five per cent (adjusted at constant currency rates: +2 per cent) to CHF 736.1 million (US$ 771.7 Million), EBIT and consolidated profit remained stable, reaching CHF 60.4 million (+0.4 per cent; adjusted: +7 per cent) and CHF 45.3 million (+3 per cent; adjusted: +10 per cent), respectively.
Panalpina’s Air Freight volumes decreased two per cent in the first six months of 2015, while the market grew by 1-2 per cent, the Swiss logistics company said. Lower volumes in the automotive and energy sector were at the heart of the decrease in air freight volumes.
Gross profit per tonne decreased three per cent to CHF 720, resulting in a gross profit of CHF 293.6 million. Air Freight achieved an EBIT of CHF 46.0 million (HY 2014: CHF 57.3 million) and the EBIT-to-gross-profit margin for the first half of 2015 decreased to 15.7 per cent from 18.4 per cent in HY 2014, but was up sequentially from 13.2 per cent in Q1 2015 to 18.2% (Q2 2015) due to lower costs.