News / Panalpina Q1 profits rise, despite 'M&A distractions'

Panalpina

Improved efficiencies helped Panalpina to a first-quarter ebit up 15% to Sfr28.1m ($27.8m), while consolidated profit also rose 15%, to Sfr19.2m, with total operating expenses down 5% at Sfr290m.  

However, forwarding results saw declines and gross profit was down 2.6% to Sfr173.1m. 

Results in air freight implied the company was chasing market share at the expense of profit. While industry results for Q1 are not yet out, the market contracted in January and February, with industry-wide freight tonne km (FTKs) for the latter 4.7% below the level of February ...