BASEL, Switzerland: Panalpina has reported net revenue of CHF6.75 billion for 2013 – up 2.3 percent over the previous year. Gross profit rose 6.55 percent to CHF1.56 billion and its net cash position grew 159 percent year-on-year to CHF42.5 million.

Panalpina CEO Peter Ulber acknowledged that while the company was able to improve its results by CHF 80 million last year, "we still have much to do to reach the targets we have set ourselves. We are therefore focusing our organization into converting more of our considerable gross profit into net profit."

Last year Ulber replaced Monika Ribar, who had been with the company for 22 years. He acknowledged "her great service in developing Panalpina, and especially for succeeding in transforming the corporate culture into a professionally managed company."

Panalpina's revenue from European operations, its largest region in terms of turnover, declined 1.9 percent to CHF2.6 billion in 2013. Americas' revenue rose 1.0 percent to CHF2.3 billion and Asia-Pacific increased 2.3 percent to CHF1.26 billion. The newly created business region Middle East, Africa and the CIS produced a 32.6 percent rise in revenue year-on-year to CHF574 million.

Airfreight traffic revenue declined 1.6 percent to CHF3.05 billion in 2013 while ocean freight rose 6.3 percent to CHF 2.78 billion. The company's logistics business also saw an increase - 2.8 percent year-on-year - to CHF921 million.

The company says air and ocean freight remains the foundation of its business while logistics and project business will be developed as an important differentiator. Apart from strengthening its position in the UK, Netherlands, France and Italy, the Panalpina says it also aims to expand intra-Asia and on Asia-outbound trade lanes as well as in the United States: "Where management feels the market potential is currently not fully tapped."