Panalpina gains market share in third quarter

The Panalpina Group reports a gross profit increase of 6% to CHF 403 million in the third quarter of 2013. The company continued to gain market share in both Ocean and Air Freight.

Panalpina`s Logistics division showed further gross profit growth as it made more inroads into Value-Added Services. The group achieved a consolidated profit of CHF 24 million in the third quarter and CHF 62 million in the first nine months of the year.

"With the backdrop of a continuously slow market, our results for the third quarter are in line with expectations," says Panalpina CEO Peter Ulber.

"We outperformed the market both in Ocean Freight and Air Freight in terms of volumes. Gross profit grew across all regions and products, albeit only moderately in Air Freight. But volatile and increasing rates both in air and ocean freight slightly impacted unit profitability. Logistics continued to show double-digit growth in terms of gross profit as a consequence of our investments in Value-Added Services."

The Panalpina Group`s gross profit went up by 6% year-on-year and amounted to CHF 403 million in the third quarter of 2013. All regions recorded gross profit growth, led by the EMEA region with a 9% increase to CHF 198 million.

Asian export volumes to Europe grew again after a weak start to the year. Intra Asia volumes saw strong growth as well. As a result, gross profit for Asia Pacific increased 5% to CHF 83 million. The Americas recorded a gross profit increase of 3% to CHF 121 million. < Korea Shipping Gazette >