Switzerland-based Kuehne and Nagel (K&N) has announced a stable set of results for the first nine months of the year, despite what it called 'divergent economic conditions and slowing market growth'.
The international logistics group said that net earnings improved by 1.1 per cent (currency adjusted, 15.6 per cent) to CHF454m (€366.6m), while the group's operational result dropped 2.4 per cent to CHF728m (€588m) from CHF746m (€602m) last year.
By sector, seafreight volumes increased 11.4 per cent, outperforming the global market, while airfreight tonnage grew 14.5 per cent year-on-year and rod rail logistics recorded a growth in net turnover of 4.9 per cent.
'Considering the softening market growth, we are satisfied with out results in the first nine months of 2011,' said Reinhard Lange, chief executive of K&N. 'Volatility is high and the fourth quarter is expected to remain demanding. We will continue to consequently implement our growing strategy and further build on our commitment to deliver innovative, value-adding services to our customers around the world.'
