Forwarding group Panalpina saw EBITDA rise from CHF 62.4m (£43.2m) in 2010 to CHF 212.1m (£147m) last year despite a nine per cent fall in revenue to CHF6.5bn (£4.5bn).
The group said the fall was down to the strongest negative currency impact ever. “The figures also reflect the low freight rates prevailing in the market in 2011.”
Ocean freight volumes reached a new record in 2011 with six per cent growth.
In Air freight, volumes were down as the group focused on restoring margins. As a result gross profit per ton of Air Freight was up nine per cent.
Chief executive Monika Ribar said: “We will keep a strong focus on productivity increases and cost control. Following our ambition to provide end-to-end Supply Chain Solutions, we will also push our Value-Added Logistics Services in 2012.”
Panalpina expects the air freight market to further decline in the first half of 2012 resulting in an anticipated market growth of 0 per cent for the full year. In ocean freight, Panalpina expects a market growth of 4-5 per cent. The Group’s target is to outperform the market.
“2012 will be challenging. Expectations for near-term volumes are soft, especially in air freight where we expect to outperform the market as of the second quarter,” said Ribar.