Watch Now


Kuehne + Nagel’s half-year net earnings up 34.4 percent

Kuehne + NagelÆs half-year net earnings up 34.4 percent

   Kuehne + Nagel International AG, a Swiss provider of global forwarding and logistics services, posted net earnings of CHF 130.0 million ($100.4 million) for the first half of 2005, an increase of 34.4 percent in comparison with the first half of 2004.

   The company's first-half turnover rose 18 percent to CHF 6.41 billion ($4.95 billion), while the operational result increased 17.4 percent to CHF 211.2 million ($163.2 million).

   Of the company's units, sea & air logistics had an increased turnover of 18.7 percent in the first half-year. Sea freight volumes rose 21 percent. Within that sector, Asia/Europe traffic volume rose 30 percent. Asia/Latin America routes had freight increases of 46 percent.

   As for global air freight in the first half-year, Kuehne + Nagel's Latin America routes increased 63 percent. Exports sent by air from Asia rose 11 percent. Overall, the company reported a 13 percent rise in air freight tonnage, while the market grew only around four percent.

   Regarding overland transport, 'company takeovers in Denmark and Germany increased transport volumes significantly,' Kuehne + Nagel said in a statement. However, 'the level of profitability anticipated at the date of the acquisition of the German Haring Group was not achieved. As a result, an evaluation of the related goodwill was made, which led to an impairment charge of CHF 24.7 million ($19.1 million),' Kuehne + Nagel explained.

   Kuehne + Nagel's contract logistics unit posted a 10.1 percent increase in turnover, compared to the first half of 2004, largely driven by new business in Europe and North America.

   Based in Schindellegi, Switzerland, Kuehne + Nagel has 24,000 employees at 620 locations in 98 countries.