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Kuehne + Nagel profit up 4.2pc to US$332.8 million but revenue off 3.3pc
SWISS forwarding giant Kuehne + Nagel posted a 4.2 per cent first half profit increase to CHF326 million (US$332.8 million), drawn on revenues of CHF8.22 billion, which fell 3.3 per cent year on year.
"Given the demanding market environment and currency volatilities, we are very pleased about our results," said Kuehne + Nagel CEO Detlef Trefzger.
"The solid performance in seafreight and the increased profitability in air freight are to be highlighted," he said.
Kuehne + Nagel sea freight gained market shares in the US import trade lanes as well in the less than container load (LCL) business, but actual container volume decreased 1.8 per cent.
This was attributed to a concentration on higher margin business and the continuous weakness of market volumes in the Asia-Europe trade lanes.
"Profitability clearly improved in this business unit," said the Kuehne + Nagel statement. "Gross profit per TEU increased 4.4 per cent and the EBIT-to-gross profit margin improved from 29.1 per cent to 30.8 per cent."
Kuehne + Nagel reported a 5.2 per cent increase in air cargo tonnage. Significant volume increases were realised in exports from Europe, North America and Asia.
"In addition, the expansion of services for customers from the segments perishables, pharma and industrial goods contributed to the favourable development," said the company statement, said the statement adding that operating profit was up 11.5 per cent year on year.
Overland business suffered at 16.6 per cent decline in revenue due to the discontinuation of project business and lower rates as a result of lower diesel price.
"EBIT decreased from CHF16 million in the previous year's period to CHF14 million in the first half year of 2015. The recently announced acquisition of ReTrans, a US-based provider of multimodal transportation management solutions, will expand both the business base and the product portfolio," the company said.
About Kuehne + Nagel employs 64,000 employees at more than 1,000 locations in over 100 countries. Its strong market position lies in the sea freight, air freight, contract logistics and overland businesses.
Said company chairman Karl Gernandt: "In the first half the increased profitability confirmed the strength of the Kuehne + Nagel Group and the diversified service portfolio supported growth, especially in air freight."
"Given the demanding market environment and currency volatilities, we are very pleased about our results," said Kuehne + Nagel CEO Detlef Trefzger.
"The solid performance in seafreight and the increased profitability in air freight are to be highlighted," he said.
Kuehne + Nagel sea freight gained market shares in the US import trade lanes as well in the less than container load (LCL) business, but actual container volume decreased 1.8 per cent.
This was attributed to a concentration on higher margin business and the continuous weakness of market volumes in the Asia-Europe trade lanes.
"Profitability clearly improved in this business unit," said the Kuehne + Nagel statement. "Gross profit per TEU increased 4.4 per cent and the EBIT-to-gross profit margin improved from 29.1 per cent to 30.8 per cent."
Kuehne + Nagel reported a 5.2 per cent increase in air cargo tonnage. Significant volume increases were realised in exports from Europe, North America and Asia.
"In addition, the expansion of services for customers from the segments perishables, pharma and industrial goods contributed to the favourable development," said the company statement, said the statement adding that operating profit was up 11.5 per cent year on year.
Overland business suffered at 16.6 per cent decline in revenue due to the discontinuation of project business and lower rates as a result of lower diesel price.
"EBIT decreased from CHF16 million in the previous year's period to CHF14 million in the first half year of 2015. The recently announced acquisition of ReTrans, a US-based provider of multimodal transportation management solutions, will expand both the business base and the product portfolio," the company said.
About Kuehne + Nagel employs 64,000 employees at more than 1,000 locations in over 100 countries. Its strong market position lies in the sea freight, air freight, contract logistics and overland businesses.
Said company chairman Karl Gernandt: "In the first half the increased profitability confirmed the strength of the Kuehne + Nagel Group and the diversified service portfolio supported growth, especially in air freight."
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