Kuehne+Nagel gets lift from air freight, restores dividend plans

Swiss firm’s earnings before interest and tax (EBIT) slid 12.6% to CHF 235 million ($250 million), but air freight operations inched up 17%.

air freight air logistics Kuehne+Nagel Reuters

Courtesy of Kuehne+Nagel

Swiss freight forwarder Kuehne+Nagel International reported a smaller-than-expected fall in second-quarter profit, reports Reuters, buoyed by increased air freight operation which saw double-digit growth. The company said it would restore its dividend plans. 

Despite earnings before interest and tax (EBIT) sliding 12.6% to CHF 235 million ($250 million)air freight operations inched up 17%, the report stated. 

Comments from Zuercher Kantonalbank analysts claim the result exceeded even the highest expectations, the report stated. 

Air freight volume in the second quarter of 2020 was 22.0% below that of the same period the previous year at 315,000 tonnes. However, net turnover rose to CHF 1.4 billion ($1.5 billion) and EBIT to CHF 110 million ($118 million)the company’s first half results show. 

The company will propose a dividend of 4.00 francs per share at an extraordinary general meeting on September, after freezing its initial dividend plans in April. 

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