Panalpinas Nigeria scandal affects Q1 profits

COMPARED to the 1st quarter 2007, the global transport and logistics group Panalpina, has increased its net forwarding revenue in the first three months of 2008, but reports lower net earnings.

The Panalpina Group has recorded a significantly increased net forwarding revenue in the first quarter of 2008, compared to the previous year’s quarter. Gross profit will be slightly below, although currency adjusted above Q1 2007, which was the all-time record net first quarter result in the company’s history. Last year’s Q1 result was however strongly influenced by various special factors. The profit decline of the 2008 first quarter result embodies the group-wide impact of the adjusted Nigeria business, as already announced, including related legal fees.

In view of both the positive developments in net forwarding revenue, gross profit and volumes and the first results of the cost optimisation program initiated in February of this year, Panalpina is confident that it will achieve its 2008 annual targets.

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