Panalpina’s profit up 33% for year

Panalpina’s profit up 33% for year

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   Panalpina Thursday reported net income of Swiss francs 158.8 million ($137 million) after nine months, up 33.3 percent from CHF119.1 million in the comparable period last year.
   The Swiss forwarding and logistics group’s earnings before interest and tax (EBIT) increased 33.1 percent to CHF224.4 million ($194 million) from CHF168.6 million. Gross revenue improved 13.9 percent to CHF7.71 billion ($6.65 billion) with net forwarding revenue up 11.6 percent to CHF6.29 billion ($5.42 billion).
   'These excellent nine months results have been achieved thanks to the continued very strong demand from our worldwide customers throughout all industries,' said Panalpina's Chief Executive Monika Ribar. 'While all regions contributed with double-digit gross profit growth rates, we keep expanding our market shares in air freight, ocean freight and supply chain management. In view of the overall solid world economy, we are confident to meet our growth targets for 2007.'