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.”