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Carl Collen


Monday 15th April 2013, 15:23 London

K&N highlights 'positive development'

The new year brings an improved set of results for logistics outfit Kuenhe and Nagel, with net earnings nearly doubling

K&N highlights 'positive development'
K&N's first quarter improvement has been driven by airfreight and contract logistics in particular

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Swiss logistics group Kuehne and Nagel (K&N) has announced an improved set of results for the first quarter of 2013, with higher turnover, EBITDA and net earnings compared with the same period of 2012.

According to K&N, the result was helped by a 'softened market environment', in which it concentrated on improving internal efficiency and profitability, reaping the benefits in the airfreight and contract logistics areas in particular.

For the quarter, turnover increased by 5.4 per cent to CHF5.1bn (€4.2bn), while the group's operational result (EBITDA) came in at CHF219m (€180m) from CHF153m (€126m) last year, and net earnings nearly doubled to CHF134m (€110m) from CHF68m (€56m).

“Particularly in view of the recessive economic situation in the euro zone, which also poses challenges for our company, we can be quite satisfied with the results of the first quarter 2013," said Karl Gernandt, chairman of K&N International.

"The measures introduced to increase efficiency and improve profitability are working effectively, underlined by the performance of the business units airfreight and contract logistics," he continued. "We will continue to focus on margin and cost management and are therefore confident to achieve further improvements.

"Growth opportunities will arise mainly in regions outside of western Europe," Gernandt added. "In the first quarter 2013, we have seen positive developments particularly in North America, Middle East, Eastern Europe and South Asia."


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