Kuehne & Nagel’s net profit up 45.7%

Kuehne & Nagel’s net profit up 45.7%

   Kuehne & Nagel International AG, the Swiss forwarding and contract logistics provider, increased its first quarter net income 45.7 percent to CFR69.5 million ($58 million), thanks to strong growth in its Sea and Air Logistics units.

   The group’s gross revenues rose 17 percent in the latest quarter to CFR3 billion ($2.5 billion) from CFR2.6 billion in the first quarter of last year. Group gross profit was up 13.3 percent at CFR627 million ($527 million), and group operating income jumped 18.4 percent to CFR98 million ($82 million).

   Kuehne & Nagel’s main division, sea freight forwarding, operating profit soared 48 percent to CFR48 million ($41 million) from CFR33 million. The division’s revenue was up 19 percent to CFR1.6 billion ($1.3 billion) from CFR1.3 billion. Its volume rose 22 percent, more than double the average market growth, Kuehne & Nagel said.

   The company’s air freight forwarding arm increased its operating income about 14 percent to CFR31 million ($26 million), as revenue rose 23 percent to CFR668 million ($562 million).

   “The results for the first three months meet our expectations. We are therefore very confident regarding the future performance of our business,” said Klaus Herms, chief executive officer of Kuehne + Nagel.