The Panalpina Group has swung to a profit in the first quarter of 2013 after a loss a year ago. Consolidated profit of Panalpina totaled CHF 14 million for the first three months of the year, the Company reports.
Net forwarding revenue increased by 4% to CHF 1,602 million and gross profit by 0.5% to CHF 366 million compared to the previous year. While the Air Freight division continued to struggle in a shrinking market, the Ocean Freight division grew comfortably above market. The Logistics division also pursued its growth path.
In Ocean Freight, volumes reached a new first quarter record level. Panalpina shipped 7% more TEUs (twenty-foot equivalent units) than the year before, expanding well ahead of the market which grew by approximately 2%. Gross profit per TEU of Ocean Freight was below prior year (-4%) but up 3% quarter-on-quarter. The lower unit profitability was more than offset by the higher volumes, leading to an increase of gross profit of 2% to CHF 117 million.
“Our results for the first quarter of 2013 are in line with what we could expect in a continuously difficult market,” said CEO Monika Ribar. “Ocean freight and logistics continued to grow strongly while air freight volumes were still soft.”