While transport volumes have picked up significantly, gross profit performance falls short of the previous quarter

Panalpina, the global transport and logistics group, significantly increased its transport volumes in the air and ocean freight segments in the third quarter of 2009 as compared with the second quarter. That said, based on a 9-month comparison, volume growth and gross profit performance remained significantly below expectations. The cost development is in line with the objectives communicated by the company.

Although the Panalpina Group increased its transport volumes in the air freight segment by 10% between the second and third quarter, volumes were 25% down year-on-year based on a 9-month comparison.

Notwithstanding growth of 13% between the second and third quarter, the ocean freight segment also fell significantly below expectations on a 9-month comparison, with volumes
18% down compared to the previous year.

Gross profit in the first nine months declined by nearly 19% year-on-year and was reduced by about 4% compared to the second quarter.

Due to the cost-saving program implemented by the Panalpina Group, the cost development is in line with the objectives already communicated by the company.

A breakdown of the quarterly figures and additional information will be published on 5 November 2009 as announced.

The Panalpina Group
The Panalpina Group is one of the world's leading suppliers of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and ocean freight shipments. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated door-to-door forwarding services tailored to its customers' individual needs. The Panalpina Group operates a close-knit network with some 500 branches in over 80 countries. In a further 80 countries, it cooperates closely with partner companies. Panalpina employs 13,500 people worldwide.