Operating profit rose 12.9 per cent at Kuehne+Nagel in the first quarter rising to CHF236 million, on turnover up 13.1 per cent at CHF4.9m.
Contract logistics grew twice as fast as the market with double-digit increases in China and South-East Asia as well as significant business wins, in particular in the area of e-commerce fulfilment.
Gross profit increased by 11.3 per cent compared to previous year’s period. The realignment of the production model at a business in the UK coupled with the costs of introducing innovative technologies and new systems led to an EBIT of CHF 34 million slightly down from the previous year.
Seafreight volumes increased by five per cent. In the first quarter, the company handled 1.079 million TEU, some 50,000 more than in the previous year’s period. Volume growth was only held back by the decline in exports of recycling material to China following changes to import terms. EBIT grew by 4.3 per cent to CHF 97 million.
Airfreight tonnage increased by more than 20 per cent to 422,000 tonnes, including the successful integration of two acquisitions. EBIT rose by 12.5 per cent reaching CHF 81 million.
Chief executive Detlef Trefzger said: At the start of the new year we implemented two new digital platforms globally, SeaExplorer and KN ESP, addressing specific customer requirements and creating significant efficiency gains. Another important milestone is the opening of two innovation centres where we develop innovative solutions in contract logistics together with customers. We are determined to continue on this path.”