PANALPINA POSTS 20% JUMP IN NET INCOME
The Panalpina Group said its net income for 2001 jumped 20.5 percent to CHF 111.7 million ($67.4 million), due to increased cargo flows in its core businesses of sea and air freight, and its 'systematic focus on key industries.'
The Basel, Switzerland-based forwarding and logistics group reported gross profit of CHF 1.28 billion ($772.0 million), and earnings before interest and taxes of CHF 152.9 million ($92.2 million), up 16.9 percent. Net revenue was CHF 4.59 billion ($3.25 billion).
The company also credited the improved results on optimization of capacity purchasing and process and cost management.
Panalpina said it will provide more detailed financial information May 3.
PANALPINA POSTS 20% JUMP IN NET INCOME
