EU fine turns 3PL's operating profit into loss

Regulatory

Friday, May 04, 2012

The Swiss forwarding and logistics company Panalpina said it had a 40.4 million Swiss franc ($44.1 million) loss in the first quarter because of provisions for antitrust fines from Switzerland and European Union, compared to a 34.9 millon Swiss franc (CHF) profit in the first quarter of 2011. Panalpina has decided to appeal the European Commission’s decision to the European General Court. “We believe the amount is not justified, which is why we are going to appeal t...

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