Panalpina, a global freight transport and logistics group, has reported that net profit in the first six months of the year grew by 56.4 per cent to CHF108.4 million (US$90.51 million).

During the reporting period, gross profit rose by 17.5 per cent to CHF890.9 million, Ebit grew by 53.5 per cent CHF148.3 million, gross revenue was up by 12.1 per cent year on year to CHF4.9 billion, and net forwarding revenue amounted to CHF4,034.6 million, up 9.3 per cent.

"I am especially pleased that we were able to expand gross profit at a faster rate than our turnover, while the month of June even showed the highest gross revenue in the company's history," said chief executive Monika Ribar

Panalpina's air and ocean freight activities continued to increase, with air freight tonnages growing by 9.4 per cent and ocean freight volumes up by 14.6 per cent over the first half of 2006. On a gross profit level, air freight grew by 22.4 per cent, ocean freight by 8.1 per cent and supply chain management activities by 20.7 per cent.

While ocean freight margins were again impacted by currency fluctuations and higher rates, Panalpina further optimized its customer portfolio in both air freight and supply chain management by shifting from higher-volumes to higher-margin business, it said.