Panalpina Group revenue down 1.4% , profits plummet in 1Q2010

Panalpina Group revenue down 1.4% - financial highlights for the three months ended 31-Mar-2010:

• Net forwarding revenue: EUR1,088 million*, -1.4% year-on-year;
• Operating costs:
  • Labour: USD146.5 million, -11.7%;
  • Other operating costs: USD70.6 million, -13.0%;
• EBITDA: EUR6.9 million, -30.2%;
• EBIT (loss): (EUR380,822), compared to a profit of EUR2.0 million in the previous corresponding period;
• EBT: EUR79,452, -95.5%;
• Net profit: EUR67,808, -93.6%. [more]

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

Panalpina: "While we are glad to see volumes on the rise in the first quarter, the remainder of 2010 is hard to predict. We expect Asia to be the major growth driver in the coming months as consumption in Europe will most likely take more time to recover. Our focus will thus remain on gross profit generation, cost and cash control," Monika Ribar, CEO. Source: Panalpina, 29-Apr-2010.