EU Fine Turns Operating Profit Into Loss

EU fine turns operating profit into loss

May 4, 2012

Provisions for the EU and Swiss antitrust fines of CHF 59 million resulted in a loss of CHF 40 million for the Panalpina Group in the first quarter of 2012. Panalpina has decided to appeal the European Commission’s decision to the European General Court. The Group reported a gross profit decrease of 3% (+1% currency adjusted) compared to the first quarter of 2011. Gross profit margin increased to 23.6%. Volumes in Ocean Freight reached a record high and continued to outperform the market (+7% year-on-year). Volumes in Air Freight were affected by a negative market and the profitability restoration program (-8% year-on-year).