Panalpina’s operating profit (EBIT) slipped from CHF 54.7 million to CHF 52.1m in the first half of 2019, despite an a small increase in revenue to CHF 2.96 billion.
The company, which is in the process of being taken over by DSV. Chief executive Stefan Karlen, said: “After it was announced that Panalpina and DSV would join forces, our competitors went more aggressively after our business in the second quarter, but we stood our ground.
“The decrease in gross profit was chiefly the result of lower margins in air freight and lower volumes from the automotive sector, which shifted into reverse gear. Nonetheless, group EBIT and profit almost reached last year’s levels. Given these circumstances, our stable half-year results are a respectable achievement.”