Panalpina’s operating profit (EBIT) rose three per cent in the first quarter to CHF 28.1 million despite a three per cent fall in gross profit to CHF 358.1m.
The company has just agreed a takeover by DSV. In Logistics, gross profit decreased two per cent to CHF 82.1m. Air Freight volumes increased eight per cent in the first quarter of 2019, but gross profit per ton fell by ten per cent. Ocean Freight volumes decreased three per cent year-on-year and gross profit per TEU decreased two per cent.
Chief executive Stefan Karlen said: “We improved profitability despite a challenging market environment and during a time when considerable management resources were absorbed by the M&A topic. This demonstrates the underlying quality and strength of our organisation.”
“Since the news of DSV taking over Panalpina broke, circumstances have changed. To give any sort of outlook is not only more challenging than ever before, but also constrained by legal restrictions,” said Karlen.