My Account Menu

CAPA Login


Register to trial CAPA Membership!

Panalpina Group revenue down 27.3%, slips into losses in 4Q209

12-Mar-2010 11:52 AM

Panalpina Group revenue down 27.3% - financial highlights:

  • Three months ended 31-Dec-2009:
    • Net forwarding revenue: EUR1,073 million, -27.3% year-on-year;
    • Costs:
      • Labour: EUR144.2 million, -13.5%;
      • Other operating cost: EUR64.7 million, -38.3%;
    • EBITDA: EUR4.5 million, -82.8%;
    • Operating profit (loss): (EUR5.5 million), compared to a profit of EUR17.4 million in the previous corresponding period;
    • Profit (loss) before tax: (EUR10.4 million), compared to a profit of EUR10.2 million in the previous corresponding period;
    • Net profit (loss): (EUR7.5 million), compared to a profit to a profit of EUR6.0 million in the previous corresponding period;
  • 12 months ended 31-Dec-2009:
    • Net forwarding revenue: EUR4,081 million, -32.9%;
    • Costs:
      • Labour: EUR602.2 million, -11.4%;
      • Other operating cost: EUR286.7 million, -17.8%;
    • EBITDA: EUR54.6 million, -66.9%;
    • Operating profit (loss): EUR20.5 million, -84.5%;
    • Profit before tax: EUR9.5 million, -91.6%;
    • Net profit: EUR7.2 million, -90.8%. [more]

*Based on the conversion rate at EUR1 = CHF1.46

Panalpina: “The overall visibility for 2010 remains low. However, Panalpina believes in a moderate recovery of both the air freight and ocean freight markets with mid single-digit growth rates. In order to strengthen the company’s competitiveness, we shall put a lot of focus on growing profitably and to continue to tightly manage our cost base and cash generation. In the future, we also commit ourselves to better balance profitability versus pure volume gains," Monika Ribar, CEO. Source: Panalpina, 11-Mar-2010.