SWISS forwarding giant Panalpina posted a 1.9 per cent increase in year on year consolidated profit in 2015 to CHF88.2 million (US$88.5 million), drawn on revenues of CHF5.8 billion, a fall of 12.9 per cent.

Fourth quarter revenues from forwarding fell 17.4 per cent year on year to CHF1.4 billion, according to year-end results.

While volumes in air freight and ocean freight dropped slightly below previous year levels, logistics achieved its first operating profit after dropping loss-making business.

"We have maintained profitability in a year that was characterised by a soft market, a low oil price, negative currency impacts and high IT investments on our end," said Panalpina CEO Peter Ulber.

"The results prove our resilience in more difficult times. Excluding currency effects, EBIT even increased by 15 per cent."

Air cargo volumes decreased 2.5 per cent in 2015, in a market that contracted one per cent. This was related to lower volumes from customers in the oil and gas and automotive industries, which shipped less cargo.

The company transported 2.4 per cent less air cargo down to 836,200 tons in 2015. Air freight profit fell 20.9 per cent year on year to CHF88.5 million.

Ocean freight decreased 0.8 per cent year on year to 1,593,900 TEU lifted with gross profit per TEU falling 1.5 per cent to CHF301.

Logistics gross profit decreased 10.7 per cent to CHF409.3 million. But by parting from more loss-making facilities, logistics achieved its first positive EBIT of CHF2.1 million for the full year, compared to an EBIT loss of CHF 8.2 million last year.

In light of the healthy net cash position and stable profitability, the board of directors is going to propose a dividend payment of CHF3.5 per share to the Annual General Meeting on May 10.

Last year, Panalpina expanded its logistics manufacturing services, acquired its Egyptian agent Afifi and opened new offices in Morocco, Kenya and Myanmar.

In addition, Panalpina acquired Airflo, Kenya's second largest air freight forwarder, specialising in the world-wide export of perishables.

"With a good number of initiatives already launched and new ones to come, we are aiming to outgrow the air and ocean freight markets in 2016," said Mr Ulber.

Panalpina expects the air freight market to grow between one and two per cent and the ocean freight market to grow by two per cent in 2016.

The Panalpina Group operates 500 offices in 75 countries, and it works with partner companies in a 90 countries. Overall, it employs 15,000 people.