Panalpina’s net income jumps 53% in 2006

Panalpina’s net income jumps 53% in 2006    Swiss forwarding and logistics group Panalpina posted a net income of Swiss francs 184 million ($151.2 million) in 2006, up 52.5 percent from SFr 120 million in the previous year as the company saw double-digit volume growth in its air and ocean units.
   Net forwarding revenues rose 11.3 percent to SFr 7.7 billion ($6.4 billion), from SFr 6.95 billion in 2005.
   Panalpina’s revenue from ocean freight rose 17.8 percent to SFr 2.8 billion ($2.3 billion) after its volume rose by 17.4 percent to exceed 1 million TEUs for the first time ever. Air freight turnover grew 8.9 percent to SFr 3.7 billion ($3.05 billion) on a 10.5 percent volume increase. For supply chain management, revenue for 2006 was up 4.7 percent to SFr 1.2 billion ($983 million).
   On a regional basis, net forwarding revenue in Asia/Pacific showed the strongest growth with a 15.5 percent increase over 2005 to SFr 948 million ($779 million), followed by its largest market, Europe/Africa/ Middle East/CIS, which improved 12.4 percent to SFr 4.4 billion ($3.6 billion). Revenue for North America improved 10.6 percent to SFr 1.7 billion ($1.4 billion) while Central and South America rose by a more modest 1.2 percent to SFr 670 million ($551 million).
   “Profitability has substantially improved and top-line growth was solid. We look back on an excellent year in which the dedicated performance of our employees in all regions has further strengthened Panalpina’s position as one of the global leaders in the industry,” said Monika Ribar, Panalpina’s chief executive officer.
   Panalpina is confident about its prospects in the year ahead. “Solid global economic growth, continuing globalization and increasing supply chain complexity are underpinning the forecasts for a further growing demand for freight transport and logistics services on a worldwide scale. The strong momentum experienced in the first months of the current year confirms Panalpina’s positive outlook for 2007,” the Basel-based company said in a statement.