News / 'Encouraging start' to 2018 for Panalpina as profits leap in Q1

Panalpina will hope to continue 2018 as it has begun, with the company recording a 38% upturn in first-quarter pre-tax profitability.

Profits for the three months to April leapt from Sfr16.5m ($17.5m) a year ago to more than Sfr22.7m, despite its ocean division continuing to lose business.

Air freight and contract logistics brought the growth, cargo volumes transported by air increasing some 3% year-on-year, generating a 22% uptick in gross profit for the division.

On the contract logistics side, gross profit was up ...