Panaplina has reported an operating profit (in terms of EBIT) of CHF7m, representing a 96.3% fall year-on-year once currency effects are stripped-out, whilst EBITDA (Earnings Before Interest and Tax, Depreciation and Amortisation) were CHF18.1m, a 77.8% fall on the same basis. Ocean container forwarding was quite healthy, with volumes climbing by 5% year-on-year for the third quarter and by 6% year-to-date. Gross profit has declined due to higher freight rates in the first half of the year, although these have been increasingly passed on the shippers as the year wore on. Logistics also grew moderately well, with a 1.8% increase in revenue in CHF terms. This business saw a higher gross-profit margin, but operating profit was not disclosed.