The Panalpina Group has recorded a significantly increased net forwarding revenue in the first quarter of 2008 compared to the previous year’s quarter. Gross profit will be slightly below, although currency adjusted above Q1 2007. Consolidated net earnings, on the other hand, have decreased by almost 40% in comparison with Q1 2007, which was the all-time record net first quarter result in the company’s history. Last year’s Q1 result was however strongly influenced by various special factors. The profit decline of the 2008 first quarter result embodies the group-wide impact of the adjusted Nigeria business, as already announced, including related legal fees.
In view of both the positive developments in net forwarding revenue, gross profit and volumes and the first results of the cost optimization program initiated in February of this year, Panalpina is confident that it will achieve its 2008 annual targets.
This release is published in accordance with the ad-hoc publicity rules of the SWX Exchange. Detailed consolidated quarter results as well as additional information will be announced on April 29 as previously advised.