Panalpina has seen improved profits in the first three months of 2018 compared to the same time last year. The business saw an EBIT of CHF 24.4 million (2017: CHF 16.4 million).
Revenue was up from CHF1.3 billion to CHF1.4bn.
In logistics, gross profit increased 2 per cent to CHF 84.0 million year-on-year (YTD 2017: CHF 82.5 million). EBIT reached CHF 3.4 million for the first three months of 2018, compared to CHF 2.4 million for the same period of last year.
Other results included:
-Air Freight volumes increased three per cent in the first quarter of 2018. Compared to the same period of last year, gross profit per ton increased 19 per cent to CHF 739 (2017: 620), while overall gross profit increased to CHF 177.8 million (2017: CHF 144.7 million). EBIT in Air Freight increased from CHF 17.1 million to CHF 26.9 million. The EBIT-to-gross-profit margin came in at 15.1 per cent compared to 11.8 per cent a year before.
– Ocean Freight volumes decreased four per cent year-on-year, mainly as the result of a discontinued high-volume contract, while gross profit per TEU increased seven per cent to CHF 303 (2017: CHF 282), bringing gross profit to CHF 108.9 million (2017: CHF 105.5 million). For the first quarter of 2018, Ocean Freight recorded an EBIT loss of CHF 5.8 million, compared to a loss of CHF 3.2 million a year before.
“We’ve had an encouraging start into 2018. Profitability per transported unit increased in both Air and Ocean Freight,” says Panalpina chief executive Stefan Karlen. “In Ocean Freight we still recorded a loss, but it has come down from the last quarter of 2017. Logistics contributed to the good overall performance with a solid EBIT result.
“Global air freight demand continues to be healthy and the carriers have begun to increase rates substantially. We will have to be very disciplined in passing these rate increases on as we head for a summer season that could be busier than usual again.
“In Ocean Freight, our immediate focus is clearly on improving profitability. In Logistics, we have made important investments that put us in a good position for top-line growth during the rest of the year.”