Swiss logistics company Kuehne and Nagel (K&N) has delivered what it has described as a set of 'solid results' for the full-year of 2009, despite lower group turnover and gross profit.
According to the group, turnover decreased by 19.4 per cent to CHF17.4bn (€11.9bn), with gross profit down 6.2 per cent year-on-year to CHF5.9bn (€4bn).
Including an extraordinary provision of CHF35m (€23.9m) related to competition investigations, net earnings fell 20.2 per cent (14.2 per cent excluding the provision) to CHF467m (€319.1m).
'The good performance of the Kuehne and Nagel Group in the crisis year of 2009 was due to its operational strengths and the timely and consistent execution of its strict cost management and commitment to market share expansion,' said Karl Gernandt, executive vice-chairman of the group's board of directors. 'Thus, we were able to considerably strengthen our global market position.
'In addition, we took advantage of the crisis to further improve organisational and operational efficiencies in line with our profitability objectives,' he added.
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