Panalpina ups earnings, revenues amid higher volumes

The Swiss-based freight forwarder recorded a consolidated profit of CHF 48.4 million (U.S. $49.6 million) and net forwarding revenues of CHF 4.1 billion during the first nine months of 2017, up 4.1 percent and 5.2 percent year-over-year, respectively.    Swiss-based international freight forwarding and logistics company Panalpina posted a consolidated profit of CHF 48.4 million (U.S. $49.6 million) for the first nine months of 2017, up 4.1 percent from the same period last year, the company said Thursday.
   Net forwarding revenues ticked up 5.2 percent year-over-year to CHF 4.1 billion during the same time period.
   In the company’s airfreight segment, volumes increased 8 percent from the first nine months of 2016, broadly in line with market growth, while the segment’s earnings before interest and taxes (EBIT) surged 15.7 percent to CHF 69.4 million.
   Meanwhile, the ocean freight segment saw volumes rise 4 percent from the first nine months of 2016, in line with estimated market growth of 4 percent, but the segment recorded an EBIT loss of CHF 5.5 million, down from a positive EBIT of CHF 6.3 million for the same 2016 period. Higher volumes than last year were processed at lower margin and with increased costs, which led to the EBIT loss, Panalpina said.
   In addition, the logistics segment’s EBIT for the first nine months of the year totaled CHF 8.1 million, compared to CHF 1.2 million for the same period last year.