Penauille shows solidity in a crisis

The slowdown in the air transport industry following the 11 September attacks has impacted on performance at Servisairs French parent company, Penauille Polyservices.
Profits fell to EUR15.9m from EUR21.4m in the previous year. But the company said: Growth in airport services remained positive in the fourth quarter, increasing by 1.1% over 2000 levels, emphasising the groups solidity when faced with crisis conditions in the market.
Penauille expects a recovery in this sector in the second half of the yearm predicting growth of above 10% buoyed by new contracts.
Airport services accounted for 54% of Penauilles sales at EUR683.7m. The company said the purchase price of Globeground, previously a Lufthansa operation, had been adjusted to EUR338.9m after debts.