Panalpina sees profit, revenue fall

Panalpina sees profit, revenue fall    Swiss forwarder and logistics provider Panalpina had consolidated profit of 10 million Swiss francs ($9.3 million) in 2009 compared to 114 million francs in 2008.
   Revenue fell to 7.3 billion francs ($6.8 billion) in 2009 compared to 10.6 billion francs in 2008.
   Overall, Panalpina transported 731,000 tons of air freight, 19 percent less than in 2008, and 1.1 million TEUs of ocean freight, down 14 percent.

Ribar

   '2009 could hardly have been a more turbulent and challenging year, both for the forwarding and logistics industry as well as for Panalpina,' said Monika Ribar, chief executive officer. 'Although we reacted quickly on the cost side and increased productivity, the measures taken could not compensate for the sharp fall in volumes and a rapid increase in buying rates in the second half of the year.
   “However, we have taken appropriate actions on the procurement and sales side as well as on the organizational structure of the company, which will positively influence our performance in 2010. We are confident to grow at least at market level this year', she added.
   Gross profit declined to 1.4 billion francs ($1.3 billion) compared to 1.7 billion francs in 2008.