News / Cost-conscious Panalpina stays buoyant despite contracting markets

Swiss forwarder Panalpina today reported third-quarter results, which saw revenue for the first nine months of the year down 12% year-on-year and unadjusted EBITDA tumbling 20.4% to SFr104.6m (US$105.1m).

The company’s results were hit by the SFr26.1m cost of restructuring its oil and gas division in the second quarter. Chief executive Stefan Karlen said that after stripping out this one-off, the company had managed an improved performance.

“Despite shrinking air and ocean freight markets and high margin pressure in the first nine months of the ...