Kuehne + Nagel profit up 10.4pc to US$175.5 million, but sales off 2pc
Time：2016-04-20
Browse：142
"The result of the first quarter 2016 confirms the successful implementation of our strategy," said Kuehne + Nagel CEO Detlef Trefzger.
"We consider our market proximity and our understanding of current and future customer requirements as a solid basis for the further, positive development of our business," Dr Trefzger said.
While revenue declined, EBITDA grew by 11.2 per cent to CHF259 million; earnings for the period improved by 10.5 per cent to CHF169 million compared to the previous year`s period, said the statement accompanying the result.
In seafreight, the company expanded its container volume six per cent, while the global market grew one per cent only. The company improved its profitability with earnings per TEU up 1.4 per cent.
Air freight volumes declined towards the end of the quarter. In the previous year`s period, volumes were additionally increased by a temporary shift of goods from sea to air freight due to US west coast labour strife.
Overland quarterly revenue increased 18.4 per cent year on year, exceeding market growth. This can be attributed to the good performance of the American ReTrans Group, acquired in 2015, and to the solid development of activities in the European overland business.
New contract logistics business was developed in Asia, Europe and especially in the US during the quarter with revenue rising 6.4 per cent, again exceeding the market average.
Kuehne + Nagel now has 67,000 employees at 1,200 locations in 100 countries.