Panalpina reports lower volumes

Panalpina reports lower volumes    Panalpina had third quarter net profit of 4.5 million Swiss francs ($4.4 million), 84 percent less than in the same 2008 period.
   Net forwarding revenues was 1.42 billion francs ($1.39 billion) in the third quarter, 40 percent less than in the same 2008 period.
   Air freight volumes grew by 10 percent and ocean freight volumes by 13 percent between the second and the third quarter of 2009. On a year-to-year basis, air freight volumes were down 25 percent and ocean freight volumes by 18 percent in the third quarter.
   “While these numbers reflect weak development on many trade lanes, Panalpina has gained air freight market share on the transpacific trade lane and ocean freight market share on Asia/Europe, the company's most important ocean freight trade lane,” the company said.
   Gross profit was impacted during the third quarter by significantly higher freight rates that could not be fully passed on to customers, Panalpina said.

Ribar

   “The market environment remains extremely difficult,' said Monika Ribar, chief executive officer. 'This is why we continue to intensify our sales efforts by optimizing our customer mix and by expanding our offerings in global supply chain management.”
   The company said operating earnings were negatively impacted expenses related to ongoing investigations of the company, which have totaled 44 million Swiss francs year-to-date.
   Panalpina said the Canadian Competition Bureau has closed its investigation with respect to alleged anti-competitive activity in the international freight forwarding industry citing a lack of evidence that would substantiate an undue lessening of competition. Other investigations of several competition authorities against various major freight forwarding companies are ongoing, the company said, but added so far no formal allegations have been made against Panalpina.