Swiss forwarder Panalpina has recorded 32 per cent increase in the consolidated profit, that is $75.7 million compared to $57.5 million in 2017.
On the other hand, gross profit increased 7 per cent to $1.499 billion, as compared to $1.397 billion last to last year.
The company states that it was helped by historic record in air freight volumes, a recovering ocean freight product and solid profitability in logistics.
For the full year, Panalpina's reported EBIT saw double digit growth. It increased from $103.4 million to $118.5 million (15 per cent).
Coming to the air freight volumes, the company reported 4 per cent rise.
For the first time in its history, the company transported more than one million tonnes, specifically, 1,038,678 tonnes of air cargo last year. In 2017, it handled 995,900 of cargo volume. Reported EBIT in Air Freight decreased from $110.4 million to $108.3 million.
Said Stefan Karlen, Panalpina CEO: "Air freight growth rates were strongest in the first quarter of the year, but markets slowed down in the following quarters.
“The softer than expected peak season meant that we could not pass on the higher procurement costs to our customers. For the first time in our history, we broke through the one-million tonne barrier, further strengthening our position as one of the world's top air freight providers."
The loss from its ocean freight division was improved this year compared to loss of $15.1 million in 2017. Panalpina transported 1,484,114 TEU in 2018, a decrease of 2 per cent compared to a year before. (2017: 1,520,490 TEU).
An EBIT loss in the first quarter of 2018, followed by three positive quarters, resulted in an EBIT loss for the full year of $1.8 million.
Added Mr Karlen: "In Ocean Freight, we improved EBIT with every quarter, and even though a small loss still resulted for the full year, we achieved the turnaround. Logistics delivered an excellent EBIT result. In all, our service quality was well-received by customers and we successfully executed on our strategy."
The logistics business of Panalpina saw the highest EBIT ever in 2018, $11.9 million, compared to $8.1 million for the same period last year. The gross profit increased 3 percent year-on-year to $341.9 million (2017: $331.1 million).
"In 2019, we will even further increase our customer focus. The highlight will be the launch of the new portal that fully digitalizes our customer offerings in a modern, engaging manner," concluded Mr Karlen.
Read More: Panalpina begins 2018 on positive note