KUEHNE & NAGEL 1ST-QUARTER INCOME UP 56%

KUEHNE & NAGEL 1ST-QUARTER INCOME UP 56%

   Kuehne & Nagel, the Swiss logistics and forwarding giant, continued built upon its dramatic 2000 growth with a 55.6-percent jump in first-quarter net income, to CHF 42 million ($24.2 million).

   The jump in income was due largely to the contribution of CHF 11 million ($6.4 million) in income from the sale of Uniport Multipurpose Terminals B.V. Rotterdam. Revenue rose 12.2 percent to CHF 2.1 billion ($1.2 billion), despite a negative currency effect of 4 percent. Gross profit rose 10.2 percent to CHF 373.4 million ($216.0 million).

   Kuehne & Nagel's International Forwarding business unit, which comprises ocean and air freight, international overland, rail and customs brokerage, saw revenue improve 12.6 percent to CHF 1.8 billion ($1.2 billion), while gross profit rose 10.3 percent to CHF 252.6 million ($146.2 million).

   For the Total Contract Logistics business unit, which comprises warehousing and distribution, revenue fell 5.8 percent to CHF 172.5 million ($99.8 million), while gross profit rose 8.3 percent to CHF 102.6 million ($59.3 million).

   Asia Pacific and Western Europe showed substantial growth for the Schindellegi-based company, while U.S. volumes remained strong, despite weakening economic conditions. Volumes from Eastern Europe were flat.

   Despite economic uncertainty throughout world markets, Kuehne & Nagel anticipates its fiscal year earnings will at least match the record CHF 126 million reported for fiscal year 2000.