Panalpina has warned the market that volume growth in the third quarter has not led to a corresponding increase in the company's gross profits.
The Swiss global forwarder said its air freight volumes increased 10% and its ocean freight volumes by 13% from the second to the third quarter, but gross profits were 4% lower in the third quarter than in the second.
It stressed that, year-on-year, volumes for the first nine months were down 25% for air freight and down 18% for sea freight.
The company said that its cost-saving programme was in line with its objectives.
A spokesman told IFW that one of the main challenges had been that rates charged by carriers had increased so rapidly in the third quarter that it had been impossible to pass these through fully to customers.
He said Panalpina had made this announcement to the market in order to avoid heightened expectation among investors.
"Although we have been careful to not make any predictions, clearly it was not our intention to see gross profits go down in the third quarter relative to the second quarter," he said.
