Double digit profit growth for Panalpina in first half of 2018

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Panalpina profits have grown at double digit rates in the first half of 2018 with the airfreight sector performing strongly.

Consolidated profits increased 20.6 per cent to 36.1 million Swiss francs (CHF) while net revenue was up from CHF2.6 billion in 2017 to CHF2.9 billion this year.

Airfreight volumes were up three per cent to 489,400 tonnes, with gross profit per tonne rising by 16 per cent to CHF725.

Earnings before interest and tax (EBIT) for airfreight increased 37 per cent to CHF39.1 million and the EBIT-to-gross-profit margin increased from 13.3 per cent in 2017 to 15.1 per cent this year.

Panalpina chief executive officer, Stefan Karlen says: “Sustained margins in both Air and Ocean Freight and the reliable performance in Logistics led to sound half-year results. We are pleased with the progress we made, especially when considering that we are working diligently on major transformation projects while focusing on accelerated growth at the same time.”

Looking ahead to the rest of the year, Karlen says: “For the second half-year we expect accelerated volume growth for our Air and Ocean Freight activities. 2017 was a record airfreight year though, so the comparison will be tough, and uncertainties in international relationships will increase volatility in the air and ocean freight markets and possibly change trade patterns.”