BASEL: February 29, 2016. Panalpina reported a consolidated profit of CHF88.2 million on revenue of CHF5.8 billion in 2015, compared to CHF86.5 million profit on revenue of CHF6.7 billion the previous year.
“We have maintained profitability in a year that was characterized by a soft market, the low oil price, negative currency impacts and high IT investments on our end,” said Panalpina CEO Peter Ulber. “The results prove our resilience in more difficult times. Excluding currency effects, EBIT even increased by 15 percent.”
Panalpina said its airfreight volumes decreased 2.5 percent in 2015 due to lower volumes from customers in the oil and gas and automotive industries.
The company carried 836,200 tons of air cargo last year – down from a 2014 figure of 857,800 tons. Gross profit per ton fell 5.8 percent to CHF699 from CHF742 the previous year to produce an overall gross profit of CHF 584.1 million – a drop from CHF 636.3 million in 2014.
Ocean Freight volumes fell 0.8 percent year-on-year from 1.60 million to 1.59 million TEUs. Gross profit per TEU dropped 1.5 percent to CHF301 to produce a gross profit of CHF480.4 million from CHF 491.5 million the previous year.
While the group’s logistics business gross profit fell 10.7 percent to CHF409.3 million in 2015, the company said divesting loss-making facilities resulted in a pre-tax profit of CHF2.1 million compared to losses of CHF8.2 million in 2014.
“With a good number of initiatives already launched and new ones to come, we are aiming to outgrow the air and ocean freight markets in 2016,” added Ulber.