Panalpina Group reports strong declines in volumes
Panalpina achieved substantial increase in cash flow in the 1st quarter of 2009 The global economic recession considerably decreased transport volumes at the Panalpina Group during the first three months of 2009. “This affected all trade routes“, the Management reported. In comparison to the previous year air freight tonnage dropped 28 per cent. In the sea freight segment 23 per cent less TEU were handled. The main reasons for this development were above-average reductions in order and production volumes of many large-scale enterprises from the automotive and high-tech industry. A positive factor for the Panalpina Management is the quadrupling of free cash flow in the first quarter and the increase of the gross profit per freight unit by substantially more than 20 per cent. Compared to the previous year the gross profit declined by 11.4 per cent. Until the end of this year operating costs shall be reduced by CHF 130 million compared to 2008 to counteract this decline. This includes a further reduction of the global staff by around 10 per cent. Until March 31 about 1,000 jobs were cancelled. Quelle: Österreichische Verkehrszeitung |
