Panalpina reports 2010 loss after U.S. fines

Panalpina reports 2010 loss after U.S. fines    Swiss forwarding and logistics company Panalpina reported a consolidated net loss of 26 million Swiss francs ($28 million) in 2010 compared to a profit of CHF 10.4 million in 2009.
   The Basel-based firm said net forwarding revenue was CHF 7.16 billion ($7.68 billion) in 2010 compared to CHF 5.96 billion in 2009.
   Air freight volumes were up 22 percent to 892,000 tons and ocean freight volumes up 13 percent to 1.24 million TEUs. The company said it did better than its competitors and had 0.1 percent increases in market share for air freight to 2.8 percent, and in the ocean market served by freight forwarders to 2.4 percent.
   “Other operating expenses rose by 26 percent to CHF 527 million ($565.5 million), due essentially to non-recurring charges (fines) relating to antitrust violations in the United States and the Foreign Corrupt Practices Act (FCPA) proceedings,' the company said.

Ribar

   Panalpina Chief Executive Officer Monika Ribar said, '2010 was very successful for the Panalpina Group in a number of different respects. We succeeded in taking full advantage of strong global economic growth, raising our core activity business volumes at rates that outperformed market averages.
   “Completion of investigations by the U.S. Department of Justice is a relief for the organization,' but the company added that antitrust investigations in the European Union, Switzerland and Brazil, which it said affect the entire logistics industry are still ongoing and that no resolution is expected prior to middle of this year.
   Ribar said Panalpina anticipates single-digit market growth for both air and ocean freight for 2011.