Panalpina warns of heavy first quarter loss

Panalpina warns of heavy first quarter loss

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Panalpina said Friday its first quarter results will show a 40 percent drop in net earnings, but maintained its annual forecast.
   The Basel, Switzerland-based logistics firm said the quarterly profit decline is due to adjustments to its Nigeria business, which have been scaled back following a bribery investigation, and related legal fees.
   Panalpina said it has “recorded a significantly increased” net forwarding revenue in the first three months of 2008. Gross profit will be above the first quarter 2007 result after currency adjustment.
   “In view of both the positive developments in net forwarding revenue, gross profit and volumes and the first results of the cost optimization program initiated in February of this year, Panalpina is confident that it will achieve its 2008 annual targets,” the company said.