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Panalpina's Q1-3 earnings rise 4pc to US$50m with revenue up 5pc

SWISS forwarding and logistics services provider Panalpina has recorded a consolidated profit of CHF48.4 million (US$49.6 million) for the first nine months of the year, an increase of 4.1 per cent compared to the same period in 2016.

The company's net forwarding revenues from January to September rose by 5.2 per cent year on year to CHF4.1 billion, reported American Shipper.



The air freight segment saw volumes grow by eight per cent over the first nine months of 2016, while the segment's earnings before interest and taxes (EBIT) jumped 15.7 per cent to CHF69.4 million.



As for the ocean freight segment, volumes were up by four per cent over the reporting period, but the segment suffered an EBIT loss of CHF5.5 million, down from a positive EBIT of CHF6.3 million for the same period in 2016. Panalpina said the higher volumes than last year were processed at lower margin and with increased costs, resulting in the EBIT loss.



In the first nine months of the year, the company's logistics segment achieved EBIT of CHF8.1 million, up from CHF1.2 million for the first three quarters of 2016.
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