INTERCONTAINER-INTERFRIGO RETURNS TO THE BLACK

INTERCONTAINER-INTERFRIGO RETURNS TO THE BLACK

   Intercontainer-Interfrigo, the European intermodal and temperature-controlled transport operator, reported its first profit result for three years, with a net profit of 5 million euro (about $5 million) for 1999.

   The profit for 1999 compares with net deficits of 5 million euro in 1998 and 6 million euro in 1997. The improvement is due partly to an exceptional gain on the sale of office buildings in Basel, Switzerland.

   The company reported that its volume and revenues decreased further last year. Traffic volume was down by 14 percent, to 1.08 million TEUs, compared to 1.25 million in 1998. Net revenues dropped by 14 percent in 1999, to 366 million euro ($406 million).

   Intercontainer-Interfrigo said that the principal reasons for the downturn in volumes was the poor quality of the services provided by its railroad suppliers, combined in some instances with large increase in rail traction costs.

   “The consequence was that even consignments ideally suited to the rail mode and hitherto shipped by rail had transferred to the roads or to feeder shipping,” the Swiss intermodal group said.

   In a separate development, Intercontainer-Interfrigo announced the introduction of several intermodal services from May 28, mainly between Italy and northern Europe.