PANALPINAÆS 2002 RESULTS HOLD STEADY
Forwarding and logistics giant Panalpina said expansion of its core businesses, particularly high-tech and automotive industries, helped maintain solid earnings in 2002.
The Basel, Switzerland-based company reported net income of CHF 112.7 million ($85.9 million), up 0.9 percent from 2001. Net revenues slipped 3.8 percent to CHF 5.18 billion ($3.95 billion), gross profit was off 2.9 percent to CHF 1.24 billion ($946.9 million), and earnings before interest and taxes declined 5.2 percent to CHF 144.9 million ($110.4 million).
Panalpina said its results were negatively impacted by 'volatility of air and sea freight rates, the rise of the Swiss franc against the U.S. dollar and the euro, and the Latin American economic downturn.'
Nonetheless, the company's sea freight volumes climbed 16 percent to 640,000 TEUs and air-freight improved about 5 percent.
'We substantially increased our share of the business from existing major customers in the high-tech, oil, health care and automotive industries in a hotly contested market,' said Bruno Sidler, Panalpina's chief executive officer.
Growth in oil and gas industry helped offset sharp declines in the high-tech industry in Europe and North America, Panalpina added.
For 2003, the company anticipates good results despite continued weakness in the global economy. Panalpina anticipates strong growth in core industries, as well as above-average growth in Asian markets.