Panalpina airfreight volumes hit by lower automotive

Panalpina’s airfreight volumes grew one per cent in the 2015 first quarter to 205,000 tons – against an estimated market growth of three to four per cent – due mainly to lower throughputs in the automotive sector.
Despite the airfreight result, the Switzerland-based global logistics player saw group consolidated profit increase 10 per cent to SFr19.6m while earnings before interest and tax increased three per cent to SFr25.3m, helped by a “positive quarter” in logistics.
Ocean freight as volumes grew by five per cent.
“In the first three months of the year, earnings were up, despite headwinds from a strong Swiss franc and a slowdown in volume growth in airfreight,” said Panalpina chief executive Peter Ulber. 
In his outlook, Ulber added: “With the economic environment weaker than expected and uncertainties around the development of the oil price, the market is difficult to read.

“All the more, we will focus on strategy execution as we transform our business. Overall, we remain cautiously optimistic and expect to grow in line with the market in air freight and outperform the market in ocean freight.”

Share this story

Related Topics

Latest europe news

Silkway West maintains China freighter schedule and honours block space agreements

Azerbaijan-based B747 freighter operator Silkway West Airlines is maintaining its flight schedule to China, despite the coronavirus epidemic, and is…

Read More

Share this story

They’re off! InstoneAir’s new airstable debuts for Saudi Cup thoroughbreds

InstoneAir and Luck Greayer (LG) Bloodstock Shipping have combined their expertise to support the world’s most valuable horse race, The…

Read More

Share this story

Delhi and Manchester united by Virgin Atlantic Cargo hat trick of flights

Virgin Atlantic will launch a three times a week passenger service to Delhi from Manchester in October this year. The…

Read More

Share this story