K + N quarterly profit increases 12pc to US$163 million

KUEHNE + NAGEL Group has announced a 12 per cent profit increase to CHF169 million (US$163 million) in third quarter, while revenue remained unchanged at CHF4.38 billion compared to previous quarter.

Its operating profit (EBITDA) grew 7.5 per cent to CHF746 million in first nine months compared to the same period last year and net earnings improved 16 per cent to CHF449 million, said the company's release.

In sea freight, its container volume reported a 17 per cent increase. The EBITDA-to-gross profit margin rose 35.8 per cent in 2010 from 32.5 per cent in 2009.

Airfreight tonnage grew 29 per cent in the first nine months and the company has improved EBITDA-to-grow profit margin by 30.5 per cent year on year.

"Due to the very good results of the past nine months - and particularly in the third quarter of 2010 - we are confident that we will achieve a strongly improved result for the full year. We will concentrate our efforts on the consistent implementation of our growth strategy, thus strengthening K + N's position in the global logistics market," said CEO Reinhard Lange.
(Source:www.schednet.com)