Kuehne + Nagel quarterly profit up 2.3pc on 7.3pc more sales

SWISS logistics giant Kuehne + Nagel has posted a 7.3 per cent year-on-year increase in first quarter revenue, which came in at CHF4.6 billion (US$4.3 billion), while net profit was 2.3 per cent up at CHF131 million ($123 million).

A large part of the gains are being attributed to improved sea freight operations which, fuelled by a 12 per cent increase in market share, saw the company raise its year-on-year volume by some 17 per cent.

Air freight operations were equally successful, recording a double-digit increase in the first three months alone. Total tonnage for the quarter was up 31 per cent.

"Our group is back on course for growth thanks to the economic recovery and measures we introduced in 2009," said CEO Reinhard Lange. "Indications are getting stronger that the global economy and logistics-related parameters are stabilising. We are confident of our ability of reaching our goal of above-market average profitable growth in all business units."

The company's rail and contract logistics operations however did not fair as its air and sea freight units, both recording only marginal improvements over last year.

(Source: www.schednet.com)