Panalpina: Earnings fall, but market share grows
Panalpina, the global freight transport and logistics group, said it had consolidated net earnings of 105 million Swiss francs ($91 million) in the first nine months of the year, 34 percent less than in the same 2007 period.
In the same period the company had revenues from forwarding services of 8.03 billion francs ($6.96 billion) for the first nine months, 4.1 percent more than in the first nine months of 2007.
“In relation to the transport volume, Panalpina continued to gain additional market share both in the air freight as well as the ocean freight sector,” the company said. Gross profit decreased 3.4 percent, but currency adjusted increased 2.3 percent. It said its profit was impacted by the termination of the domestic service portfolio in Nigeria as well as the global economic decline and currency fluctuations.
“Panalpina has managed to generate respectable growth in a very adverse global business climate,” said Monika Ribar, chief executive officer. “Taking one-time effects and currency fluctuations out of the equation, it becomes evident that the underlying business is very healthy. All regions are showing growth and we are continuing to gain market shares in air as well as in ocean freight.”