Air, ocean volumes up for Panalpina in 1Q

   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.