Mixed 3Q for Panalpina as air freight slumps

Intermediaries

Friday, November 02, 2012

Poor conditions in the air freight market dragged down the profits of global freight forwarder Panalpina. The company’s forwarding revenue in the third quarter rose 9.6 percent to $1.8 billion, but operating profits fell 84.3 percent to $7.5 million. Year-to-date, revenue is up 1.6 percent to $5.2 billion, while Panalpina has sustained operating losses of $5.4 million for the year, compared to a nearly $150 million profit in the same period in 2011. “The ...

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