Panalpina Q2 operating profit doubles
Global logistics company Panalpina said second quarter operating profit more than doubled to $47.6 million while revenue rose 23.2 percent to $2.2 billion.
The operating profit figures does not include $122 million the company has set aside to deal with penalties from the U.S. Justice Department over antitrust infractions.
Panalpina said its air freight forwarding volumes grew 36 percent and its ocean freight volumes 19 percent in the quarter, though it did not release volume figures for those two segments.
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| Ribar |
“I am convinced that the measures we have put in place are taking effect and look forward to our future business development with confidence,' Chief Executive Officer Monika Ribar said in a statement. 'In the coming months profitability will remain our chief priority. We are continuing to build in a structured manner on the initiatives that we have successfully implemented in procurement and sales. Clear product segmentation and our strong customer focus have had an extremely positive impact. Although higher volumes are likely to put pressure on our cost base, we shall continue to operate on the principle of sustainable profitable growth.”
