Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Panalpina Shares Decline After Cautious Outlook: Zurich Mover

March 6 (Bloomberg) -- Panalpina Welttransport Holding AG fell the most in five months as the freight-forwarding company said conditions will remain difficult after disappointing results last year, when it didn’t address costs fast enough.

The shares fell as much as 5.7 percent, the biggest intraday drop since October. The stock was down 4.6 percent at 93.85 Swiss francs at 10.14 a.m. in Zurich, giving the Basel, Switzerland-based company a market value of 2.23 billion francs ($2.36 billion).

“The market environment will remain difficult and volatile and we are therefore very cautious regarding forecasts for 2013,´´ Chief Executive Officer Monika Ribar said in a statement today. “We will have to stay very vigilant so that we can take necessary actions fast” and the company is “critically reviewing our customer portfolio in air freight,” she said.

Panalpina transported 801,000 metric tons of air freight in 2012, 6 percent less than in 2011, compared with a decline of more than 2 percent for the overall market, as high-tech goods declined, the company said. That contrasts with Kuehne & Nagel International AG, which said on March 4 that its air-freight volumes grew 2 percent last year.

“We see scope for culture change,´´ Damian Brewer and Andy Jones, analysts at RBC Capital Markets, said in a note to clients today. “As changes build, results may get worse before they get better.´´

Panalpina today reported a fourth-quarter loss of 51.2 million francs, compared with a profit of 28.8 million francs a year earlier. Sales climbed 2.4 percent to 1.69 billion francs.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.