Kuehne + Nagel first-half revenue up 15pc to US$9.4 million

SWISS forwarder Kuehne + Nagel has reported a year-on-year revenue increase of 15 per cent to CH9.8 billion (US$9.4 billion) but higher costs led to only a 1.1 per cent rise in gross first half profits.

Air and ocean freight saw a 15.4 per cent increase in revenue to CHF4.3 billion and airfreight increased to 7.1 per cent after EBITDA to CHF105 million.

Rail and road activity led to profit despite "high pressure on prices and fierce competition" with its less-than-truck-load (LFL) profit up 13.3 per cent and full-truck-load (FTL) earnings rising 2.1 per cent.

Improved capacity utilisation and accelerated warehouse throughput, particularly in North America, put its contract logistics sector on a strong footing shown in a 4.7 per cent increase in profit.

"Due to this convincing start, we are optimistic about the further development of our business. However, continued credit risks in some southern European countries and the situation in international finance markets still require great vigilance," said executive vice chairman Karl Gernandt in a company statement.
(Source:www.schednet.com)