Global transport and logistics group Panalpina has reported that first quarter net earnings grew by 109 per cent over the same quarter a year ago to CHF53.4 million (US$43.75 million) driven by strong demand from global markets.

In the first three months of the year, the group's gross profit increased by 18.9 per cent to CHF432.9 million, up from CHF364 million for the same period last year.

Ebit rose by 93.9 per cent year on year to CHF74.2 million, up from CHF38.3 million in the first quarter of 2006.

"These very satisfying figures, which are even above our expectation, were positively impacted by an overall growth of customer business, the full deployment of business wins already contracted in 2006 and 2007 and a very favourable development of project-related business," said chief executive Monika Ribar.

In the first quarter of the year, all of the group's key activities contributed to the increase in gross profit, with air freight up 25.3 per cent, ocean freight up 6.1 per cent and supply chain management up 24.2 per cent.

Airfreight tonnages rose by 13 per cent, while ocean freight volumes grew by 12.9 per cent year on year.

Net forwarding revenue at CHF1,95 billion registered 6.6 per cent growth over the first quarter of 2006. The company said in a statement that the growth was slowed down by "external factors such as rate development, lower fuel surcharges and, in the case of North America, by negative currency impacts".