While transport volumes have picked up significantly, gross profit performance falls short of the previous quarter

Oct 21, 2009

Panalpina, the global transport and logistics group, significantly increased its transport volumes in the air and ocean freight segments in the third quarter of 2009 as compared with the second quarter. That said, based on a 9-month comparison, volume growth and gross profit performance remained significantly below expectations. The cost development is in line with the objectives communicated by the company.

Although the Panalpina Group increased its transport volumes in the air freight segment by 10% between the second and third quarter, volumes were 25% down year-on-year based on a 9-month comparison.

Notwithstanding growth of 13% between the second and third quarter, the ocean freight segment also fell significantly below expectations on a 9-month comparison, with volumes
18% down compared to the previous year.

Gross profit in the first nine months declined by nearly 19% year-on-year and was reduced by about 4% compared to the second quarter.

Due to the cost-saving program implemented by the Panalpina Group, the cost development is in line with the objectives already communicated by the company.

A breakdown of the quarterly figures and additional information will be published on 5 November 2009 as announced.

About Panalpina

The Panalpina Group is one of the world's leading providers of supply chain solutions. The company combines its core products of Air Freight, Ocean Freight, and Logistics to deliver globally integrated, tailor-made end-to-end solutions. Drawing on in-depth industry know-how and customized IT systems, Panalpina manages the needs of its customers' supply chains, no matter how demanding they might be. Energy Solutions is a specialized service for the energy and capital projects sector. The Panalpina Group operates a global network with some 500 offices in more than 75 countries, and it works with partner companies in a further 90 countries. Panalpina employs 15,000 people worldwide who deliver a comprehensive service to the highest quality standards – wherever and whenever.