Panalpina recorded a “successful year” in 2011, with a profit of 127 million Swiss Francs ($138.7m), following its 2010 loss of 26 million Swiss Francs.
The Swiss forwarder said this was due to organic growth across all regions and product divisions.
Net forwarding revenue fell 9% to 6.5 billion Swiss Francs, reflecting the strength of the Swiss franc and lower freight rates.
Gross profit, after deducting Customs, security charges and freight rates, was flat at 1.47 billion Swiss Francs, but was up 12% after adjustment for currency fluctuations.
“It was a successful year, where we achieved a lot,” said CEO Monika Ribar. “We enhanced our customer portfolio, we strengthened our product divisions with key hires and innovations; we made two acquisitions and we also expanded our network organically, particularly in emerging markets.”
But the company had fallen short of its volume targets, she said. Ocean freight traffic was up 6%, to a record 1.3 million teu, and although gross profit per teu was down by 8%, it was up 3% after adjusting for currency fluctuations.
While Panalpina continued a strict focus on restoring unit profitability in 2011, it also made significant investments in future growth, said Chief Operating Officer Karl Weyeneth. “Today, our products and services are as strong as never before.”
The group signed a new ACMI (aircraft, crew, maintenance and insurance) contract for two latest-generation B747-8 freighters to replace two B747-400Fs.
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