Panalpina profits suffer from the fallout in Nigeria
17 / 08 / 2008
FOLLOWING the investigation and subsequent financial penalties suffered by Panalpina in Nigeria, the company has announced it will withdraw all of its domestic services in the country by the end of 2008. The company’s portfolio in the country will be taken over by local investors.
In the first six months of 2008 the company’s gross profit fell 3.9 per cent. This had a marked impact on net earnings which reached CHF76.7million for the period, with the problems in Nigeria directly impacting the results.
Chief executive officer, Monika Ribar, said she was content with the first six months of 2008 in the current economic climate. “Factors such as the global finance crisis and the rising prices of raw materials have affected investment and consumer behaviour in many countries and therefore growth in air- and ocean freight has also slowed,” said Ribar.