PANALPINA POSTS 20% JUMP IN NET INCOME
The Panalpina Group said its net income for 2001 jumped 20.5 percent to CHF 111.7 million ($67.4 million), due to increased cargo flows in its core businesses of sea and air freight, and its 'systematic focus on key industries.'
The Basel, Switzerland-based forwarding and logistics group reported gross profit of CHF 1.28 billion ($772.0 million), and earnings before interest and taxes of CHF 152.9 million ($92.2 million), up 16.9 percent. Net revenue was CHF 4.59 billion ($3.25 billion).
The company also credited the improved results on optimization of capacity purchasing and process and cost management.
Panalpina said it will provide more detailed financial information May 3.