In the first quarter of 2011, the Panalpina Group reported strong double digit growth in profitability compared to the first quarter 2010 and volume increases in Air and Ocean Freight. Gross profit increased by 14% (+22% currency adjusted) year-on-year to CHF 373 million which, together with ongoing cost discipline, led to a jump in EBITDA to CHF 56 million (Q1 2010: CHF 10 million). The growth in profitability and improvements in working capital management resulted in an excellent operating cash flow of CHF 108 million (Q1 2010: CHF -13 million).
“Panalpina has started very solidly into the year“, said CEO Monika Ribar. “We have been able to take advantage of the measures we put in place last year which have enabled us to improve our profitability. In the first quarter, gross profit grew across all segments and recorded strong increases in all regions, led by the emerging economies in Asia Pacific and Latin America”. She added: “Gross profit per ton and per TEU recorded double-digit growth despite the adverse impact from the strong Swiss franc”.
Following a good start in 2011, CEO Monika Ribar commented that, “we are committed to further growing our business and strengthening our market position in all our core activities and especially in the emerging markets. We are focussing on increasing our volumes by continuing to meet our customers’ end-to-end logistics requirements. We still anticipate single digit market growth for both air and ocean freight this year with freight rates remaining slightly under pressure.”