KUEHNE & NAGEL GROUP REPORTS STRONG FIRST-HALF RESULTS

KUEHNE & NAGEL GROUP REPORTS STRONG FIRST-HALF RESULTS

   Kuehne & Nagel Group, the large Swiss logistics and forwarding company, reported first-half net income of CHF 82.7 million ($48.05 million), an increase of 43.6 percent over the first half of 2000.

   Gross profit rose 10.9 percent to CHF 764.9 million ($444.4 million), while earnings before interest and tax improved 21.3 percent to CHF 105.4 million ($61.2 million).

   The company's International Forwarding unit made the largest contribution to overall net earnings, while earnings of the Contract Logistics unit showed improvement after K&N eliminated unprofitable activities.

   K&N's recent acquisition of USCO Logistics Group will be integrated into the third quarter results.

   Kuehne & Nagel International AG's management board said it is confident that the group will achieve a record result for 2001, with net income of more than CHF 140 million.