News / Panalpina forced to step back from oil and gas, putting jobs on the line

Panalpina

The flower business may have given Panalpina a boost, but the forwarder has been forced to retreat from dwindling oil and gas moves, cutting staff, according to its latest results.

Announcing gross profit of Sfr736.3m ($745.8m) for the first half of this year, broadly flat with last year, according to CEO Peter Ulber the company took a restructuring hit of Sfr26m ($26.3m) to allow it to “realign our capacities with the current volumes and not wait for the market to recover”.

He added: “During ...