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Panalpina attributes Q1 loss to anti-trust fines

May 7 - Panalpina has reported a loss in the first quarter 2012 as it set aside provisions for EU and Swiss anti-trust fines, but remains confident of meeting full-year targets, according to an official statement from the company.

EU and Swiss anti-trust fines of CHF59 million (USD64.58 million) resulted in a loss of CHF40 million ( USD43.78 million) for the Panalpina Group in the first quarter of 2012.

The company also said that it has decided to appeal against the European Commission's decision to the European General Court.

The group reported a gross profit decrease of three percent compared to the first quarter of 2011, with gross profit margin increasing to 23.6 percent.

Whilst teu volumes in oceanfreight increased by a Q1 record of seven percent year-on-year, volumes in air freight were down eight percent, affected by a negative market and the profitability restoration programme.

Net forwarding revenue in the first quarter was down seven percent to (CHF1.54 billion) USD1.69 billion.

"The economic environment remains volatile and visibility low, but we remain confident that we can reach our targets", said CEO Monika Ribar. "We have acquired a lot of new business and demonstrated cost discipline, and the focus on group-wide cost containment measures and productivity increases will continue.

"At the same time it is crucial that we keep investing in sales, logistics and IT," she said.

www.panalpina.com

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