Panalpina puts aside SFR128m, slips into red

: Latest News; Friday, 06 August 2010

Despite higher airfreight and ocean freight sales, Swiss logistics group Panalpina has gone into the red in the second quarter thanks to setting aside monies to cover alleged cartel legal bills.

The group, under investigation in Europe and the United States, said it increased the money it was setting aside for USA legals to SFR128 million.

It then posted a net loss of SFR93 million.

The SFR128m is not intended to cover the costs of any European anti-trust investigation, Panalpina added.

Last year, Panalpina posted a profit of 15 million Swiss francs.