Panalpina’s profit went down 37.5 percent year-over-year for the second quarter of 2012 due to the slowdown in the Europe-Asia trade.

Earnings before interest, tax, depreciation, and amortization (Ebitda) from April to June 2012 dipped to CHF33.6 million (US$34.4 million) from CHF53.7 million for the same period a year ago, the Swiss forwarder said in a statement on July 31.

Net forwarding revenue was pegged at CHF1.67 billion, a gain of 2.4 percent, as the company reported above average market growth for its ocean and air freight volumes.

“We managed to gain market shares. We did better than the market not only in ocean freight but also in air freight where the market declined further in the second quarter of 2012,” said Monika Ribar, group CEO.

The sluggish global economy affected several regions’ performance, the company said. Its second quarter Ebitda in Asia-Pacific slid 35 percent to CHF15 million. The Europe, Middle East and Africa divisions sustained  a loss of CHF1 million from a year-ago profit of CHF9 million, while North America suffered a CHF2 million loss from a CHF9 million profit year-on-year.

“We anticipate a soft recovery of the air-freight market in the second half of 2012 and continued market growth in ocean freight,” Ribar said. “Further significant rate increases in air and ocean freight seem unlikely.”

Panalpina, the world’s fourth biggest freight forwarder, expects the air freight market to contract by 1 percent for the whole year and the ocean freight market to grow by 3 to 4 percent.

 

Photo courtesy of Panalpina

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