Panalpina saw a 6-percent rise, year-over-year, in air freight volumes during the first quarter of the year, outpacing the general rate of market growth of 4 percent.
The company’s gross air freight profit ticked up 5 percent to CHF 153.7 million ($174.58 million), compared to the same period last year, but gross profit per ton was down by 1 percent to CHF 754. The latest results continue a trend of year-over-year improvement; in the fourth quarter, air freight volumes rose 8 percent, year-over-year, and gross profits increased by 7 percent.
For the rest of the year, Panalpina officials expect air volumes to grow by between 2 percent and 3 percent.
During the first quarter of the year, Panalpina saw its ocean volumes increase by 6 percent, year-over-year, as gross profits rose by 5 percent to CHF 122.7 million. Gross profit per TEU decreased 1 percent to CHF 333 on slowing volumes out of Asia to Europe and North America.
Ocean freight volumes are expected to outpace air freight growth, rising at a pace between 4 percent and 5 percent, officials said.
“We had a decent start into 2014,” Peter Ulber, Panalpina’s chief executive officer, said in a statement. “In the context of difficult market conditions, the results for the first quarter are very encouraging. Our systematic restructuring activities to turn around the company’s loss-making operations are ongoing and on track, but these activities will continue to influence the financial results in the short term.”
For the company as a whole, first-quarter consolidated profit rose from CHF 14.3 million in the first quarter of 2013 to CHF 17.8 million in the first three months of this year.
Air, ocean volumes up for Panalpina in 1Q
