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Panalpina profit declines in the face of currency headwind

Swiss carrier Panalpina continues to flounder in the air and ocean freight market after yet another quarter showing declining earnings.

The Swiss transport group Panalpina experienced declining earnings in the third quarter, which, much like this year's other quarters, were characterized by currency headwind following the significant strengthening of the Swiss franc in January. The group did, however, see good progress when measured in local currencies.

Net profits corresponded to USD 25 million in the third quarter compared to USD 26.2 million in the same period last year. The operating costs fell correspondingly by USD 2.4 million to USD 33 million, while revenue fell to USD 1,570 million from USD 1,811 million.

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