Panalpina is confident despite decline in first quarter profits

Compared to the 1st quarter 2007, the global transport and logistics group Panalpina has increased its net forwarding revenue in the first three months of 2008, but reports lower net earnings.

The Panalpina Group has recorded a significantly increased net forwarding revenue in the first quarter of 2008 compared to the previous year’s quarter. Gross profit will be slightly below, although currency adjusted above Q1 2007. Consolidated net earnings, on the other hand, have decreased by almost 40% in comparison with Q1 2007, which was the all-time record net first quarter result in the company’s history. Last year’s Q1 result was however strongly influenced by various special factors. The profit decline of the 2008 first quarter result embodies the group-wide impact of the adjusted Nigeria business, as already announced, including related legal fees.

In view of both the positive developments in net forwarding revenue, gross profit and volumes and the first results of the cost optimization program initiated in February of this year, Panalpina is confident that it will achieve its 2008 annual targets.

This release is published in accordance with the ad-hoc publicity rules of the SWX Exchange. Detailed consolidated quarter results as well as additional information will be announced on April 29 as previously advised.

The Panalpina Group
The Panalpina Group is one of the world's leading suppliers of forwarding and logistics services, specializing in intercontinental air freight and ocean freight shipments and associated supply chain management solutions. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated door-to-door forwarding solutions tailored to its customers' individual needs. The Panalpina Group operates a close-knit network with some 500 branches in 90 countries. In a further 60 countries, it cooperates closely with partner companies. Panalpina employs over 15 000 people worldwide.