Kuehne+Nagel net profit up 30%

Swiss logistics company Kuehne+Nagel posted a 30 per cent rise in nine-month net profit recently, boosted by strong performances in its sea and airfreight divisions. Net profit rose to 408 million Swiss francs (US$348.4 million) from 314 million francs in the same period a year ago. Kuehne+Nagel, which is looking for buyers for its overland […]


Swiss logistics company Kuehne+Nagel posted a 30 per cent rise in nine-month net profit recently, boosted by strong performances in its sea and airfreight divisions.

Net profit rose to 408 million Swiss francs (US$348.4 million) from 314 million francs in the same period a year ago.

Kuehne+Nagel, which is looking for buyers for its overland unit, aims to continue to grow at double the market average in sea- and airfreight in 2007 and 2008.

Kuehne+Nagel, which competes with Deutsche Post and Switzerland’s Panalpina, both of which have benefited from increasing global trade volumes and demand for advanced logistics.

Tonnage in the airfreight unit rose to 15 per cent, substantially higher than the global airfreight market growth of 5.5per cent.

The group’s sea freight division recorded a 16 per cent rise in volumes, also outperforming the sea freight market growth of 7 to 8 per cent, boosted by the Asia-Pacific trade lanes, which are off setting a slowdown in the US trade lanes,K+N said.

Earlier in October, Kuehne+Nagel said the European Commission and the US Justice Department had inspected the group as part of a probe into suspected cartel activity among freight forwarders.

“Kuehne+Nagel condemns any type of anti-competition conduct. We initiated immediately an internal investigation. For the time being there are no indications that Kuehne+Nagel has harmed third parties,” van Kesteren said.