During the first nine months of 2017, Panalpina grew volumes in air freight and ocean freight compared to the same period last year. As the year progressed, group gross profit as well as EBIT increased with every quarter. Year-on-year, Panalpina’s reported EBIT increased from CHF 67.5 million (adjusted YTD 2016: CHF 93.6 million) to CHF 72.1 million and the reported consolidated profit increased from CHF 46.5 million (adjusted YTD 2016: CHF 72.6 million) to CHF 48.4 million.
Panalpina’s air freight volumes increased 8% in the first nine months of 2017. From January to September, gross profit, unit profitability and EBIT in air freight increased with every quarter. Compared to the same period last year, gross profit per ton decreased 7% to CHF 632 (YTD 2016: CHF 678), resulting in a gross profit of CHF 456.0 million (YTD 2016: CHF 453.4 million). Reported EBIT in Air Freight increased from CHF 60.0 million (adjusted YTD 2016: CHF 72.6 million) to CHF 69.4 million. The EBIT-to-gross-profit margin for the first nine months of 2017 came in at 15.2% compared to 13.2% (adjusted YTD 2016: 16.0%) a year before.
“Nine months into the year, Air Freight and Logistics are well under way and showing continued solid performance,” says Panalpina CEO Stefan Karlen. “We are well-prepared for another strong peak season in Air Freight, however it remains to be seen how dynamic the carrier market will be this year.”
In Logistics, gross profit decreased 16% to CHF 245.4 million year-on-year (YTD 2016: CHF 293.3 million), but has stabilized throughout 2017. Logistics is now sustainably profitable, posting an EBIT of CHF 8.1 million for the first nine months of 2017, compared to CHF 1.2 million (adjusted YTD 2016: CHF 5.0 million) for the same period last year.