Panalpina Achieves A Solid Result In A Difficult Market Environment

Panalpina achieves a solid result in a difficult market environment

Aug 5, 2009

Thanks to strict cost management and a consistently implemented cost-cutting program, the Panalpina Group succeeded in significantly reducing its cost base year-on-year and as a result was able to compensate for the fall in volume. Compared to the prior-year period, free cash flow increased by 175%, and compared to the first quarter of 2009, air freight volume rose in the second quarter of 2009 by 3%, ocean freight by 8%. A large number of new business deals in the SME customer segment failed to compensate for the falloff in volume from large customers. Currency fluctuations had a negative impact on results. Gross profit fell by 15% compared with the same period in 2008 (-11.5% in local currency terms). Net earnings for the first six months amounted to CHF 16.9 million.