News / Oil and gas market drills into Panalpina profit but logistics and other sectors grow

The dwindling oil and gas market contributed to an 11% fall in Panalpina profits in the first quarter of the year, to Sfr17.3 ($17.8m). Net forwarding revenue fell 13% to Sfr1.3bn.

But the forwarder said that despite the fall-off in oil and gas projects, it had seen positive development in other areas – although it noted weak transport markets.

Air freight bucked the market trend in volume terms, with a 5% rise, against a market that Panalpina said had shrunk by an estimated 3%.

Perishables, and “all other ...