October 25 - In the first nine months of 2016, Panalpina recorded a slight increase in EBIT and consolidated profit, when adjusted for a second-quarter restructuring provision of CHF26 million (USD26.1 million).
Panalpina posted an EBIT of CHF93.6 million (USD94.1 million) and a profit of CHF72.6 million (USD73 million), with a 9 percent year-on-year increase in airfreight volumes and a 9 percent decrease in ocean freight volumes.
"Despite shrinking air and ocean freight markets and high margin pressure in the first nine months of the year we delivered an improved EBIT and consolidated profit," said Panalpina ceo Stefan Karlen. "Continued high cost discipline, particularly in the third quarter, made this achievement possible."
Panalpina attributed the 9 percent decrease in its ocean freight business to significantly lower volumes in oil and gas since the beginning of the year, as well as a discontinued high-volume contract.
Gross profit in the company's logistics division decreased by 4 percent to CHF293.3 million (USD294.9 million), compared with the same period in the previous year.
Commenting on the outlook for the global logistics provider, Karlen said: "It is our firm intention to grow organically, but also by way of bolt-on acquisitions. In this process, we don't expect any tailwind from the markets in the foreseeable future."