Panalpina results down 40 per cent

PANALPINA has reported a sharp drop in revenue for the year.Net forwarding revenue for the third quarter fell to CHF1.4 billion (US$1.3 billion) from CHF2.3 billion in the same period last year, a drop of 40.3 per cent. Year-to-date revenue fell 34.7 per cent to CHF4.3 billion from CHF6.7 billion in 2008.“We are seeing a stabilisation at a very low level, but I’m not euphoric that we will return to levels seen at the end of 2008 tomorrow,” said Monica Ribar, Panalpina’s chief executive officer (right).Panalpina, which has already cut 11 per cent of its workforce to reduce spending, will continue to keep a pull back on spending if it is still to make its savings target of CHF130 million for the full year.Despite also being involved in a price-fixing investigation by the US Department of Justice there was some good news with airfreight volumes up 10 per cent, especially on the trans-Pacific routes.