Swiss logistics group Kuehne and Nagel (K&N) has announced its financial results for the first half of 2011, with net earnings climbing to CHF312m (€270.5m) from CHF281m (€243.6m) in the same period of 2010, achieved despite 'considerable negative currency effects'.
The company's operational result (EBITDA) climbed 5.7 per cent to CHF502m (€435m) from CHF475m (€412m) last year, while turnover was slightly down, to CHF9.79bn (€8.5m), as a result of negative currency effects.
'The Kuehne and Nagel Group performed strongly in the first six months of 2011, despite a slowdown in market growth in the course of the second quarter and results negatively impacted by the Swiss franc,' said K&N CEO Reinhard Lange.
According to the group's results, seafreight volumes jumped 12 per cent in the first half of the year, while K&N succeeded in doubling the market growth rate of some 6 per cent, with the highest growth achieved in exports from Europe to North America and Asia as well as from Asia to Latin America and the Middle East.
In airfreight, meanwhile, K&N increased tonnage by 18 per cent despite 'sharply declining volumes in the global airfreight market' during the second quarter, resulting in market growth of just two per cent in the first half of 2011.
'Considering the debt crisis and currency situation in Europe as well as the volatile world economy, it is not possible to reliably forecast how the global markets will develop in the second half of the year,' said Karl Gernandt, chairman of the board of directors at K&N. 'Market analysts anticipate slower growth in the logistics industry.
'Nevertheless, the Kuehne and Nagel Group is well positioned to tackle future challenges,' he added. 'While maintaining an effective cost management, the group will continue to pursue its global strategy, focusing on investments in growth markets and segments. In this context, the acquisition in Brazil announced today (an agreement to take over the
shares of Grupo Eichenberg) is a significant step.'
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