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AAL adds to its European agency network
SINGAPORE: April 19, 2018. Breakbulk and project c...

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DFDS to acquire Turkey's U.N. Ro-Ro
COPENHAGEN: April 18, 2018. European short-sea RoR...

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Etihad Cargo supports bustard relocation
ABU DHABI: April 18, 2018. In the past three years...

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New CMA CGM rail link between UK and China
LONDON GATEWAY: April 18, 2018. GB Railfreight, ow...

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Dutch add more short-sea capacity to London
LONDON: April 18, 2018. Dutch-based A2B-online Con...

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Saudia Cargo gets new CEO
JEDDAH, Kingdom of Saudi Arabia: April 17, 2018. F...

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Turkish Cargo to introduce new routes
ISTANBUL: April 17, 2018. Turkish Cargo is to begi...

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South Carolina opens second inland port
DILLON, SC: April 16, 2018. The South Carolina Por...

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North Sea Port reports increase in first combined traffic
GENT, Belgium: April 16, 2018. North Sea Port (NSP...

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AAL adds to its European agency network
DFDS to acquire Turkey's U.N. Ro-Ro
Etihad Cargo supports bustard relocation
New CMA CGM rail link between UK and...
Dutch add more short-sea capacity to London
Saudia Cargo gets new CEO
Turkish Cargo to introduce new routes
South Carolina opens second inland port
North Sea Port reports increase in first combined...

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PRESS RELEASE

October 20, 2015: Panalpina has reported a net profit of CHF69.3 million on revenue of CHF4.41 billion for the first nine months of 2015. In the same period last year the company produced a net profit of CHF69.2 million on revenue of CHF4.95 billion.

Group gross profit decreased 6.0 percent to CHF1,107.3 million (currency adjusted: CHF1,177.0 million or 0.0 percent), while EBIT decreased 2.0 percent to CHF92.4 million (currency adjusted: CHF102.7 million or +9.0 percent).

EBIT was up in ocean freight and positive in logistics (compared to a loss from January to September 2014) but down in airfreight.

"In the first nine months of the year we succeeded in keeping EBIT and consolidated profit at previous year levels, despite a contracting airfreight market in the third quarter, our exposure to the oil and gas industry and historically high IT investments," said Panalpina CEO Peter Ulber.

Commenting on the outlook for ther remainder of the year he added: "The air and ocean freight markets will continue to be soft at best and a rebound of the oil price in the near future seems unlikely. It is all the more important that we continue to control cost with great discipline and implement new IT systems and processes in order to improve our productivity. We will accelerate our investments in less cyclical business to further reduce our exposure to certain industries."

Airfreight
In a very soft airfreight market that grew less than 1.0 percent from January to September 2015, Panalpina's airfreight volumes decreased 2.0 in the same period.

Panalpina transported less oil and gas and automotive cargo, but more perishables. Gross profit per ton decreased 4.0 to CHF715 (YTD 2014: CHF745), resulting in a total gross profit of CHF439.7 million (YTD 2014: CHF469.0 million). Airfreight achieved an EBIT of CHF67.6 million (YTD 2014: CHF85.3 million), while the EBIT-to- gross-profit margin for the first nine months of 2015 decreased to 15.4 percent (YTD 2014: 18.2 percent).

Ocean freight
Panalpina's ocean freight volumes grew 1.0 percent in the first nine months of 2015, which was slightly below market growth of 2.0 percent.

Gross profit per TEU decreased 3.0 percent to CHF300 (YTD 2014: CHF309) resulting in a total gross profit of CHF362.2 million (YTD 2014: CHF370.4 million). Ocean freight posted an EBIT of CHF22.8 million (YTD 2014: CHF16.0 million) and the EBIT-to-gross profit margin increased to 6.3 percent in the first nine months of 2015 (YTD 2014: 4.3 percent).

Logistics
In logistics, gross profit decreased 10.0 percent to CHF305.5 million (YTD 2014: CHF339.3 million) as a result of currency translation and the continued exit from underperforming sites.

In the first nine months of 2015, a positive EBIT of CHF2.0 million was achieved, compared to an EBIT loss of CHF6.9 million in the same period of last year. Logistics recorded the third positive quarter on EBIT level in a row.

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