Panalpina’s net income up 44% after nine months

Panalpina’s net income up 44% after nine months    Swiss forwarding and logistics group Panalpina said today its net income rose 44.2 percent after nine months to CHF119.1 million ($95.3 million), from CHF82.6 million in the same nine-month period last year and ahead of the full-year 2005 result.
   Panalpina’s gross revenue after three quarters rose 14.5 percent to CHF6.77 billion ($5.4 billion), compared to CHF5.92 billion in the same period 2005.
   All of the company’s three core activities grew both in terms of revenue and tonnage. Air freight net forwarding revenue went up 9.7 percent, ocean freight revenue rose 18.1 percent and supply chain management revenue was up 14.7 percent.
   “We are very satisfied with the development of the first nine months of 2006,” said Monika Ribar, Panalpina’s newly appointed chief executive officer. “This consistent performance, which is even above our recently raised targets, proves the soundness of our business model and the strong commitment of our staff, which justifies our positive outlook regarding the full-year results.”