Basel, May 4, 2012 - Provisions for the EU and Swiss antitrust fines of CHF 59 million resulted in a loss of CHF 40 million for the Panalpina Group in the first quarter of 2012. Panalpina has decided to appeal the European Commission’s decision to the European General Court. The Group reported a gross profit decrease of 3% (+1% currency adjusted) compared to the first quarter of 2011. Gross profit margin increased to 23.6%. Volumes in Ocean Freight reached a record high and continued to outperform the market (+7% year-on-year). Volumes in Air Freight were affected by a negative market and the profitability restoration program (-8% year-on-year).
“While we did very well in Ocean Freight, gaining market share, we knew that the first quarter would be a difficult one for Air Freight, especially in comparison to last year’s exceptional first quarter. In anticipation of the difficult market environment and a challenging 2012 we already reacted last year and introduced cost containment measures. This led to a flat development of the operating expenses quarter-on-quarter“, said CEO Monika Ribar. The Group has decided to appeal the European Commission’s decision on the antitrust fine. “We believe the amount is not justified, which is why we are going to appeal the decision to the European General Court”, said Ribar.