#Kuehne & Nagel#profit#sea freight#air freight#growth

Kuehne & Nagel's quarterly profit grows

Follow @WDMEllaCopeland Following a rise in sea and air freight volumes, freight forwarders Kuehne & Nagel have announced a 2.8 percent rise in pro...

Freddie Pierce
|Oct 15|magazine5 min read

Following a rise in sea and air freight volumes, freight forwarders Kuehne & Nagel have announced a 2.8 percent rise in profits. Earnings before interest and taxes have risen by 5 million Swiss Francs in the last year, according to an emailed statement from the Switzerland-based company.

 

The profit rise has been attributed to the volume increase in sea freight and air freight along with intensified cost management. Sales were up 12.4 percent on the third quarter of last year, whilst earnings before interest and taxes improved by 3.1 percent.

SEE RECENT STORIES FROM THE WDM CONTENT NETWORK:

In an online statement, the company displayed a growth of 6 percent in the sea freight sector  during the third quarter, despite a slowdown in market growth. In addition Kuehne and Nagel increased its airfreight tonnage by 3 per cent in the third quarter in the face of flattening market demand.

 

“The improvement of results in the third quarter makes us confident of reaching the profitability targets we have set ourselves for the full business year 2012,” said Reinhard Lange, CEO of Kuehne + Nagel International AG. “Intensified cost management as well as a continuous improvement of the services for our customers will be the foundation for profitable growth.”