Panalpina significantly increased its transport volumes in the air and ocean freight segments in the third quarter of 2009 as compared with the second quarter. That said, based on a 9-month comparison, volume growth and gross profit performance remained significantly below expectations. The cost development is in line with the objectives communicated by the company.

Although the Panalpina Group increased its transport volumes in the air freight segment by 10% between the second and third quarter, volumes were 25% down year-on-year based on a 9-month comparison.

Notwithstanding growth of 13% between the second and third quarter, the ocean freight segment also fell significantly below expectations on a 9-month comparison, with volumes 18% down compared to the previous year.

Gross profit in the first nine months declined by nearly 19% year-on-year and was reduced by about 4% compared to the second quarter.

Due to the cost-saving program implemented by the Panalpina Group, the cost development is in line with the objectives already communicated by the company.