AIR, ocean and logistics company Panalpina made steady progress in 2013 – and expects the airfreight market to grow by 2-3 per cent this year.
In 2013, the Swiss group reported pre-tax earnings of US$54million, more than double the 2012 result. The company outperformed the market in both air and ocean freight.
“We recovered from 2012 and gained market share in a low growth environment in 2013,” says chief executive Peter Ulber, who has been at the helm for nine months.
“But there is still a lot of room for profitability improvements, especially in logistics and ocean freight,” he adds.
Various provisions for a legal settlement in the USA and fines totalling $46million substantially impacted the group’s financial results.
Global airfreight expanded by only one per cent in 2013, but Panalpina’s volumes grew by three per cent, with 825,100 tonnes moved.
“In 2014 we will focus on stabilising our performance in airfreight and improving productivity and operating margin in ocean,” Ulber adds.
