Kuehne + Nagel profit up 28.7pc to US$645 million in 2010

SWISS logistics and forwarding giant Kuehne + Nagel posted a 28.7 per cent year-on-year profit hike in 2010 to CHF601 million (US$645 million) drawn on revenues of CHF20.2 billion, which increased 16.4 per cent on the year before.


"In 2010, Kuehne + Nagel met its targets and recorded better results than in the pre-crisis period due to the implementation of its growth strategy," said a statement accompanying the financial statement.


Sea freight recovered the momentum of the pre-crisis period. "With an increase in container volume of almost 16 per cent, the company outperformed the market between 10 and 12 per cent and gained market share in almost all trade lanes," said the statement.


The growth of less-than-container-loads (LCL) shipping contributed "significantly" to the results. Increased productivity and cost cutting resulted in a 17.3 per cent rise in operational earnings, said the statement.


Air cargo increased too, particularly in Asia-Pacific. "The K+N achieved new record levels - almost a million tons - a 25 per cent increase compared to the previous year. Solutions tailored to specific industries such as pharmaceuticals, high-tech and perishables, proved successful," said the statement.


Contract logistics recovered only slightly though with three per cent growth, and pressure on margins remained. Kuehne + Nagel gained a number of new contracts worldwide, resulting in a five per cent (currency adjusted) increase in net invoiced turnover.


Kuehne + Nagel employs 57,500 at 900 locations in 100 countries.
(Source:http://www.schednet.com)