Panalpina improves profitability ahead of DSV merger

In the first three months of 2019, Panalpina has improved profitability in comparison to this time last year. Panalpina reported revenues of CHF1,485m and an EBIT increase of 15%, CHF*28.1m (YTD 2018: CHF24.4m) and a consolidated profit of CHF19.2m (YTD 2018: CHF16.6m).

Panalpina’s gross profit decreased 3% to CHF358.1m (YTD 2018: CHF370.7m), while total operating expenses decreased to CHF290.0m (YTD 2018: CHF306.3m). EBIT reached CHF28.1m and the EBIT-to-gross-profit margin stood at 7.9%, up from 6.6% in 2018.

Air freight volumes increased 8% in the first quarter. Gross profit decreased to CHF173.1m (YTD 2018: CHF177.8m) and EBIT decreased from CHF26.9m to CHF24.9m. 

Ocean freight volumes decreased 3% year-on-year and gross profit per TEU decreased 2% to CHF296m (YTD 2018: CHF303m), bringing gross profit to CHF102.9m (YTD 2018: CHF108.9m). Ocean freight recorded an EBIT of CHF0.3m, compared to a loss of CHF5.8m a year before.

In Logistics, gross profit decreased 2% to CHF82.1m year-on-year (YTD 2018: CHF84.0m). EBIT reached CHF2.9m for the first three months of 2019.

“Since the news of DSV taking over Panalpina broke, circumstances have changed. To give any sort of outlook is not only more challenging than ever before, but also constrained by legal restrictions,” said Panalpina CEO Stefan Karlen. “However, Panalpina continues to conduct business as usual. We have continued to win new business after the transaction was announced and we are determined to keep doing so in the weeks and months ahead. We are competing in the market with our strong brand, great capabilities and solid service offering, supporting our customers by providing them with tailored solutions that create value for them. This is our commitment and obligation for the rest of the year.”

Source: Panalpina

*€1=CHF1.13 / $1=CHF1.0