PANALPINA REPORTS HIGHER PROFIT, LOWER REVENUE
The Swiss forwarding group Panalpina reported a 19-percent jump in net
profit for 1998, to 62 million Swiss francs ($45 million), from SFr53
million in 1997.
Net revenue declined 4 percent to SFr4.14 billion ($3.02 billion), from
SFr4.31 billion. Panalpina said that eliminating its inland transport
business in Austria and the sale of its East African operations caused the
fall in revenue.
Group operating profit rose 17 percent to SFr93 million ($68 million).
Panalpina said that 1998’s financial result was another record-setting
performance for the group.