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Panalpina posts 'stable' profit

October 20 - Panalpina achieved a stable consolidated profit of CHF69.3 million (USD72.8 million) in the first nine months of 2015, which represents a 9.5 percent increase compared with the same period of 2014.

Group gross profit decreased 6 percent year-on-year to CHF1.1 billion (USD1.15 billion), while EBIT decreased 2 percent to CHF 92.4 million (USD97.1 million).

"In the first nine months of the year we succeeded in keeping EBIT and consolidated profit at previous year levels, despite a contracting airfreight market in the third quarter, our exposure to the oil and gas industry and historically high IT investments," said Panalpina ceo Peter Ulber.

Panalpina's airfreight volumes decreased 2 percent in the first nine months of 2015, with less oil and gas equipment and automotive cargo transported. Meanwhile, the company's ocean freight volumes grew slightly by 1 percent year-on-year in the reporting period.

Gross profit of the company's logistics sector decreased 10 percent to CHF305.5 million (USD321.1 million), which Panalpina attributed to currency translation and its continued exit from underperforming sites.

Regarding the logistics provider's outlook, Ulber commented: "The air and ocean freight markets will continue to be soft at best and a rebound of the oil price in the near future seems unlikely. It is all the more important that we continue to control cost with great discipline and implement new IT systems and processes in order to improve our productivity."

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