Panalpina has reported double digit profits growth in the first quarter 2011 with gross profit up 14 per cent to CHF373m (£257m).
Chief executive Monika Ribar said: We have been able to take advantage of the measures we put in place last year which have enabled us to improve our profitability. In the first quarter, gross profit grew across all segments and recorded strong increases in all regions, led by the emerging economies in Asia Pacific and Latin America.”
EBITDA rose from CHF10m (£6.9m) to CHF56m (£39m).
In the Logistics segment, gross profit grew by one per cent (+8 per cent currency adjusted) to CHF 90m (£62m).
Air freight recorded a gross profit increase of 24 per cent to CHF 170m (£117m) (+32 per cent currency adjusted) which was driven by volume growth of six per cent.
Ocean Freight volume increased by two per cent and gross profit grew 12 per cent (+20 per cent currency adjusted) to CHF 113m (£78m) resulting mainly from higher yields.
Panalpina completed its acquisition of Norwegian group Grieg Logistics which has been rebranded Panalpina Grieg.
Looking ahead, Ribar said: “We are focusing on increasing our volumes by continuing to meet our customers’ end-to-end logistics requirements. We still anticipate single digit market growth for both air and ocean freight this year with freight rates remaining slightly under pressure.”