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Kuehne + Nagel profit up 6.7pc to US$535 million as sales fall 4.8pc
SWISS forwarding giant Kuehne + Nagel has posted a year-on-year 6.7 per cent net profit increase to CHF 512 million (US$534.75 million) drawn on revenues of CHF12.42 billion, down 4.8pc.
In its sea freight division gross profit per TEU increased 4.4 per cent and in comparison to the previous year's period earnings before interest and tax (EBIT) was up by 11.7 per cent.
The company said in a statement that the improved results were achieved by exploiting "growth opportunities in the US import business from Europe and Asia which compensated for the continuous market weakness in exports from Asia to Europe".
In a stagnating air freight market, the Swiss firm grew volumes by 5.1 per cent in the first three quarters. The increasing demand for specialised services in the automotive, pharma, aerospace and perishables segments contributed to this favourable development as did the good performance in Asia, Europe and North America.
For it overland business net turnover decreased by 12.1 per cent due to the discontinuation of project business and lower rates as a result of lower diesel prices.
The acquisition of ReTrans, a US-based provider of multimodal transportation management solutions, consolidated since August, is expected to strengthen the company's market position as an integrated logistics provider in North America.
However, the restructuring of selective projects in the United Kingdom and currency effects continued to impact the result negatively. EBIT decreased by CHF21 million to CHF86 million compared with the previous year's period.
Said CEO Detlef Trefzger: "The development in overland is solid and the optimisation of selective projects in contract logistics is proceeding as planned. Our strong focus on innovative logistics services and strict cost management enabled growth in profits in a demanding market environment.?
In its sea freight division gross profit per TEU increased 4.4 per cent and in comparison to the previous year's period earnings before interest and tax (EBIT) was up by 11.7 per cent.
The company said in a statement that the improved results were achieved by exploiting "growth opportunities in the US import business from Europe and Asia which compensated for the continuous market weakness in exports from Asia to Europe".
In a stagnating air freight market, the Swiss firm grew volumes by 5.1 per cent in the first three quarters. The increasing demand for specialised services in the automotive, pharma, aerospace and perishables segments contributed to this favourable development as did the good performance in Asia, Europe and North America.
For it overland business net turnover decreased by 12.1 per cent due to the discontinuation of project business and lower rates as a result of lower diesel prices.
The acquisition of ReTrans, a US-based provider of multimodal transportation management solutions, consolidated since August, is expected to strengthen the company's market position as an integrated logistics provider in North America.
However, the restructuring of selective projects in the United Kingdom and currency effects continued to impact the result negatively. EBIT decreased by CHF21 million to CHF86 million compared with the previous year's period.
Said CEO Detlef Trefzger: "The development in overland is solid and the optimisation of selective projects in contract logistics is proceeding as planned. Our strong focus on innovative logistics services and strict cost management enabled growth in profits in a demanding market environment.?
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