Net profits at Panalpina dropped 40 percent in the first quarter, but the company says it is still confident it can make its 2008 forecast.

The drop was due mainly to scaling back business in Nigeria, as well as legal fees related to an investigation of its operations there. The company suspended business in Nigeria after a U.S. investigation into bribery.

The company says that net forwarding revenue is up, as well as gross profit and volume, which should allow it to meet yearly targets.

The company's detailed earnings results are expected to be released April 29.