Panalpina recorded significant revenue growth for first half of 2004

Panalpina recorded significant revenue growth for first half of 2004



Panalpina succeeded in raising its net revenues by 14.5% (15.5% without considering currency impact) compared with the same period in the previous year. A rather subdues first quarter was followed by a significant rise in freight volumes in May and June in Particular. Double-digit growth on revenues and gross profit was achieved, led by the Asian, as well as North and South American markets.
CEO bruno Sidler highlighted the significant trend reversal, especially in the North and Latin American business, following the unsatisfactory results generated by these regions in the prior year.
In the US, major investment in marketing and sales is now impacting positively on earnings.
Despite low freight rates overall, coupled with ongoing pressure on margins, the Group's gross profit rose 7.3% versus the same period in the previous year to CHF 647.1 million. EBIT was down slightly by 2.1% to CHF 68.9 million. Consolidated net income, at CHF 49.7 million, was slightly lower than the year back figure ?? 새 a higher overall tax expense.
In light of the semiannual results, Bruno Sidler expressed his optimism regarding the year as a whole, saying he expected consolidated net income for the entire year to be above the prior-year level.