Panalpina third quarter profit up 13%

Panalpina third quarter profit up 13%    Global forwarding giant Panalpina said Thursday its third quarter gross profit increased 13 percent from the same period in 2009 to $395 million.
   Revenue increased 32.4 percent to $1.9 billion.
   The Switzerland-based company said its volume for the year-to-date has grown 27 in air freight and 16 percent in ocean freight.
   'These results confirm that we are on the right path with our focus on a product-driven organization led by our industry verticals,' said Monika Ribar, chief executive officer, in a statement. 'We are continuing to outgrow the market with above average volume growth in both air and ocean freight.'

Ribar

   Ribar said she is expecting a deceleration of volume growth rates in the fourth quarter and does not see a peak season shaping up as it has in the past. The peak season for air freight will only be moderate, and in ocean freight the peak season is already over, with restocking having taken place early as businesses attempted to avoid shortages and anticipated peak season rates, the company said.
   Panalpina reiterated its forecasted market growth of at least 15 percent in air freight and 10 percent in ocean freight in 2010.