Despite the Asian financial crisis, Basel-based Panalpina group recorded a 24 per cent increase in air-freight sales, with a particularly impressive rise of 38 per cent in five markets.
Volume of ocean freight grew by about 5 per cent.
The group reported an 18.7 per cent rise in consolidated net income to 62.3 million Swiss francs (about HK$318.42 million) for the 1998 financial year, up from 52.5 million francs in 1997.
Operating profit was up 16.6 per cent from 80.1 million francs to 93.4 million francs.
Turnover declined slightly from 4.31 billion francs to 4.13 billion francs.
Gross profit rose from 896 million francs to 902 million francs due to the sale of its overland operations in Austria and East Africa last year, completing the group's restructuring plans.