KUEHNE & NAGEL REPORTS RISE IN NET INCOME

KUEHNE & NAGEL REPORTS RISE IN NET INCOME

   Kuehne & Nagel, the German/Swiss forwarding and
logistics group, reported increases in operating profit and in its net income for the
first half of the year, as all group divisions returned stable or higher profits.
    Net income jumped by 10 percent, to 46 million Swiss francs ($30
million) in the first half, compared to SFr42 million in the year-earlier period.
    Operating profit before interest and tax was SFr70 million ($46
million), 4 percent higher than the SFr67 million profit reported for the same period of
last year.
    Group revenue decreased by 8 percent, to SFr3.03 billion ($1.99
billion), mainly because of the sale of a share in the group’s German land transport
activities to French forwarder Gefco SA.
    K&N’s ocean freight division returned a first-half operating profit
of SFr37 million ($24 million) on revenues of SFr1.30 billion ($857 million). The group’s
airfreight division posted an operating profit of SFr20 million ($13 million) on revenues
of SFr684 million ($450 million).