Kuehne & Nagel's quarterly profit grows
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.
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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.”