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Panalpina has attributed its apparently disappointing air freight results in the first quarter to a single customer which gave the logistics company “extraordinary volumes” in the first quarter of last year. Volumes grew just 1% in the quarter, below the market average of 3 to 4%. This is likely to be repeated in the next quarter, noted CEO Peter Ulber. Also a worry is continued low oil prices which is having an effect on Panlapina’s oil and gas customers.

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