Gross profit remained almost unchanged, and the supply chain solutions provider reported a loss of more than $74 million.
Logistics and ocean freight did better for Panalpina.
“Our 2012 results are unsatisfactory,” CEO Monika Ribar said. “We did not manage to compensate for the setback in airfreight.”
Panalpina generated 43 percent of its gross profit in airfreight. But with a decrease of more than 2 percent, the global airfreight market shrank for the second year in a row.
Perishables and fashion goods were the only commodities showing volume growth. The high-tech and telecommunications sectors, where Panalpina has a high exposure, saw the biggest declines. High-tech and telecommunications accounted for 31 percent of Panalpina’s airfreight tonnage in 2012 – down from 36 percent in 2011.
“The market environment will remain difficult and volatile, and we are therefore very cautious regarding forecasts for 2013. We will have to stay very vigilant so that we can take necessary actions fast,” Ribar said. “We are also critically reviewing our customer portfolio in airfreight.”