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And so to Panalpina’s results. As expected, a disappointing set of figures, with its exposure to Europe and air freight, as well as slow reactions to cost, leaving gross profit down 1% from last year. Air freight volumes fell 6%, causing gross profit in air to fall by 9%, as contracts with weak high tech companies took their toll. The company plans to reduce its overall exposure to air – not by getting rid of its shiny new 747-8Fs – but by growing its ocean and logistics businesses, which saw 5% and 8% gross profit growth respectively.