K+N profits down 16%, but still in the black
Kuehne + Nagel has announced its net profit fell 16.1 per cent in the second quarter compared with a year ago as the global economic slowdown depressed ocean and air freight traffic. The Swiss logistics giant booked net profit of US$120.7 million in the three months to 30 June as revenue slid 21.9 per cent […]
August 1, 2009
The Zurich-based company said it does not expect ocean and air freight markets to recover in the short term and Ã¢â‚¬Å“therefore will continue its focused dual strategy of disciplined cost management and market share expansion.Ã¢â‚¬Â
Air freight volume fell 19 per cent in the first half from a year ago while the global market declined by more than 20 per cent. Kuehne + Nagel said it boosted second quarter air traffic by 10 per cent from the first three months of 2009 but first half operating profit slumped 16.2 percent.